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Last updated 6:40PM ET
December 12, 2017
WOUB Local News
WOUB Local News
Money approved for Artco
(WOUB) - The State of Ohio has approved a $2.5 million loan to help a company purchase and renovate the closed-down Ormet Corporation rolling mill in Monroe County.

The money was approved by the State Controlling Board and is heading to Artco Group International.

The company plans to acquire new machinery and equipment to open a new thick plate steel rolling mill in the village of Hannibal in Monroe County.

Artco says the $8.5 million project is expected to create 45 jobs within the first three years of the initial operation.

In August, the company was also awarded a 40 percent tax credit, valued at more than $100,000 over seven years to help get the project moving forward.

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