A financial setback earlier this year has delayed but not derailed a plan to expand operations and add 56 jobs at a local steel mill.
“This is the best thing that could have happened with all things considered,” Dill Whittymore told Brownstown council members during their meeting Wednesday night at town hall.
Whittymore, the former owner of Indiana Steel and Tube Inc., was referring to this past Friday’s purchase of that company’s assets by E&H Tubing Inc. through a Chapter 11 bankruptcy sale. In July, Whittymore filed for bankruptcy to allow for the debtor to restructure the business.
Whittymore said he will continue to own the land and the buildings, but E&H will own the equipment and mills. He also will serve as vice president of operations for E&H Tubing Inc.
Council members approved the transfer of two tax abatements totaling $3 million that Whittymore had received for Indiana Steel & Tube to E&H Tubing.
E&H Tubing, based in Chicago, plans to continue producing mechanical steel tubing and structural steel tubing at two plants in Brownstown, Whittymore said, and will do business in Brownstown under the name Indiana Steel and Tube.
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