Asset Classes: Manufacturing
Project Year: 2013
Super Steel, LLC, formerly known as Super Steel Products Corporation (SSPC), has been in existence since 1923, providing contracted manufacturing services to customers in the industrial, construction, agricultural, and defense markets, and specializing in providing metal fabrication to the rail industry. Despite its long history, the Milwaukee, Wisconsin based company could not withstand the economic recession and was forced to file for receivership in 2010. The closure of the company would have meant the loss of jobs and economic activity in the region. The City of Milwaukee made saving the jobs threatened by the potential demise of Super Steel a high priority and looked for ways to keep the company afloat. In 2010, First-Ring Industrial Redevelopment Enterprise (FIRE), a CDE formed by the City of West Allis, WI, offered a solution and provided $15.5 million in NMTC financing. This financing supported the acquisition, operational upgrades, and working capital requirements for the re-launch of the company. With the re-launch, Super Steel was able to retain its 223 employees and add 207 new, permanent, quality jobs at an average wage of $36,000, the majority of which are held by low-income persons. Super Steel, LLC’s focus is on reemerging as a best in class contract manufacturer by building upon its skills in the rail industry and pursuing contracting services with leading Original Equipment Manufacturers.