By TJ HEMLINGER
Staff writer

The Whitley County Council received good economic news on two fronts Wednesday morning as Steel Dynamics Inc. and Indiana Metal Products both reported anticipated growth.
SDI now has more than 530 employees, up from about 460 a year ago, William J. Kautz, SDI controller, told the council. It has added a new mill and a second caster and more than $500 million in investment.
“Our new rolling mill will start next month,” he said. “Our new caster will start in January.”
Three years ago, when SDI announced plans to either build a new rolling mill or buy Roanoke Steel, Whitley County offered an economic incentive package in the form of bonds worth $200 million.
The sewer system that served SDI has been brought up to capacity. Working with SDI, the county gave part of the money in a bond issue for the project.
As part of the agreement, SDI bought the original series of bonds plus the new series.
“We no longer have a property tax backup on the bonds,” county councilman Bill Overdeer explained. “There is no interest on the bonds, which reduces the payoff from 2018 to 2015.”
Todd Samuelson, a partner in Umbaugh and Associates which presented the figures to the council, said, “No risk is being borne by the county.”
Kautz said, “We’re very happy to be part of Whitley County.”
Total investment in real property and depreciable personal property figures to be $310.7 million, according to Umbaugh.
In the other item of good news, Indiana Metal Products started production in mid-March and is “building for future growth,” according to the Economic Development Corp. It is operating in the former Essex building on county Road 600E.
“We have achieved success the previous owners had not,” Ken Kinsey of IMP said. “We surpassed production they had not.
“We want to be good employers and utilize local talent. We’re committed to grow in this state.”
Kinsey said the company’s new production line may double the capacity.
IMP was established when six partners, including Kinsey, involved in the steel scrap and processing industry purchased the assets of the former Eagle Metal Abrasives, according to the EDC.
The company now has eight employees and expects to expand to 15 this summer.
IMP manufactures steel shot used in foundry operations and concrete resurfacing, as well as many other metal resurfacing operations.