Employment News
V&M Star Steel Laying Off 50 Ohioans
By Erik Even | Dated: 03-14-2009
V&M Star Steel is laying off about 50 of its Youngstown, Ohio workers, and delaying a nearly $1 billion expansion proposal.About 50 V&M Star workers at the Youngstown plant are losing their jobs. The plant employs 465.
Despite the layoffs and the expansion delay, V&M is still committed to the purchase of about 113 acres of land in Girard and Youngstown needed for the proposed project. That location would employ about 411.
The city and V&M plan to have Youngstown spend up to $5 million to purchase the land, most of it in Girard, needed for the expansion, and have the company reimburse the city.
V&M received approval in December from the Ohio Tax Credit Authority for a $2.6 million tax credit for the proposed new location.
V&M manufactures seamless tubes used mostly in the gas and oil industry.
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