The expansion will allow more product work to be done locally.
YOUNGSTOWN -- A Youngstown company plans to expand its city facility and add 18 full-time jobs over the next three years.
The Youngstown Board of Control, at its meeting Thursday, approved a 75 percent, 10-year abatement on real and personal property for Coronado Steel Co., 2360 Funston Drive.
T. Sharon Woodberry, program director for the city's Office of Economic Development, said the company makes steel castings primarily to accommodate petroleum industry customers.
Steve Phillips bought the company in 1997 and started with five workers with annual sales of about $150,000, said Finance Director David Bozanich. Today, the company has 24 full-time employees with annual sales of $4 million.
Phillips' son, Michael, is now company president and owner, Woodberry said.
The company will put up $185,000 in private financing and the city will give the company a $32,250 performance grant through its small business initiative program, Woodberry added. The company plans to build an 8,000-square-foot addition to its facility.
The expansion will allow more manufacturing of its product to be done in house, she explained. About 18 full-time jobs will be added over the next three years.