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A company that manufactures lime for the U.S. steel industry is expanding its operations in Bonne Terre and creating 55 new local jobs, Gov. Jay Nixon announced recently. The announcement about Valley Minerals follows major jobs announcements last week in Columbia and Lebanon involving the creation of 500 new jobs.
"This new investment and significant job creation is a big step forward for the economy of Bonne Terre and St. Francois County," Gov. Nixon said. "Valley Minerals' plans to hire 55 Missourians to help keep up with the increasing demand for its product is great news for our state. While too many hardworking Missourians are looking for a job and we still have a long road ahead, this is another indication that the state of Missouri's economy is clearly headed in the right direction and we will keep fighting every day for every job to move our economy forward."
Recently, the Missouri Department of Economic Development announced that the state's unemployment rate for the month of April dropped to its lowest figure in two years, down to 8.9 percent. The state added nearly 27,000 new jobs in the months of March and April combined. Missouri's international exports are also up 18 percent thus far in 2011, after increasing by an impressive 35 percent during 2010.
The Governor was joined by company representatives and local officials for the announcement today at the company's facility in Bonne Terre. Valley Minerals is moving ahead with its plans to hire 55 new workers over the next five years to keep up with increasing demand for its product as the domestic steel industry rebounds in the U.S. following the national recession.
Lime is a vital product to the steel industry, as it serves as cost-effective method of removing damaging minerals and other impurities that weaken the integrity of the steel during the production process. Valley Minerals is strategically positioned as the closest supplier of lime to NUCOR Yamato Steel, which is a division of the largest producer of steel in the United States and located in Blytheville, Ark.
The Valley Minerals location in Bonne Terre has been the site of lime production since 1927, including Missouri Lime, the previous business to use the site. When Missouri Lime went into foreclosure, it was purchased by FTL Capital in September 2010 and renamed Valley Minerals. Most of the Valley Mineral's current 20 employees in Bonne Terre previously worked at the company when it was known as Missouri Lime.
To help Valley Minerals move ahead with its plans, the state of Missouri authorized $163,000 in Missouri Quality Jobs Program tax credits. The company would receive the tax credits after it created a set number of jobs over the next five years.
