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Coronado Steel Gets City Grant to Underwrite Expansion
YOUNGSTOWN, Ohio -- The city is providing financial assistance to help a small manufacturing company keep up with its rapid growth.Coronado Steel is building an 8,000-square-foot addition to its plant on Funston Drive, and will receive a $32,250 performance grant from the city to help fund the expansion. The grant was approved at Thursday's meeting of the Board of Control. Development officer Tameka Woodberry said the expansion, estimated to cost $215,000, will enable Coronado to bring fabrication work in-house. The company, which manufactures steel castings primarily for the petroleum industry, currently uses outside contractors for the fabrication work then does the assembly in-house, she explained. Coronado Steel expects to hire 18 workers over three years, according to Woodberry. The grant is through the Youngstown/SBA Initiative Program.The company, purchased in 1997 by Steve Phillips, has grown from five employees and $150,000 in annual sales eight years ago to a work force of 29 and annual sales of $4 million, Woodberry noted. Phillips' son, Mike, now operates the company. "Their growth is phenomenal. They have to catch up to their growth," Woodberry said. Coronado Steel also is receiving a 75% abatement on personal property and real estate taxes, and a waiver on permit fees."