Texas Governor Abbott Visits Borderland as Vinton Steel Reveals $255M Investment Plan

SEATTLE (Scrap Monster): Texas Governor Greg Abbott visited the Borderland Thursday as Vinton Steel announced its investment in hundreds of millions of dollars in upgrading the company.

During a press conference, Vinton Steel Chairman Masahiro Kitada revealed that parent company Kyoei Steel is investing $255 million in its subsidiary company Vinton Steel.

The investment, which he called the largest in Kyoei's history, is to replace old machinery with new "state-of-the-art" equipment and position the Borderland at the "cutting edge" of the industry.

After making the announcement, Kitada introduced Abbott who called the announcement important, as he believes it shines a light on the Borderland, making it attractive to global investors.

"Business leaders across the globe are recognizing the powerful role that Texas can provide in their success," Abbott said, adding that he expects more announcements like these in the future.

Abbott said the investment will create hundreds of jobs, but did not specify how many.

Abbott also said that the "Texas Jobs Energy Technology and Innovation" program awarded the project $5.9 million, while the Texas Enterprise Fund provided $1.5 million.

Furthermore, Abbott said he wants to see economic growth in El Paso on the level of other larger Texas cities like Houston or Dallas.

Abbott was also joined by El Paso County Judge Ricardo Samaniego, Vinton Mayor Rachel Quintana, and Borderplex Alliance CEO Jon Barela.

Courtesy: www.cbs4local.com