CDA Invests New Markets Tax Credits in Charter Steel Expansion

Charter Steel closed on financing for its $153 million expansion project in Cuyahoga Heights.  Cleveland Development Advisors (CDA), an affiliate of the Greater Cleveland Partnership, provided $10 million of New Markets Tax Credit allocation.

Charter Steel, a division of Charter Manufacturing, is a leading American supplier and manufacturer of carbon and alloy steel bar, rod and wire products.  The project will expand its wire rod production facility, helping the company to stay competitive in the U.S. steel industry.  Specifically, the project will invest in the “Cut-to-Length” bar market to further diversify its business.  This significant investment will retain and create jobs and position the company for future growth.

Additional allocation was provided by Ohio Community Development Finance Fund, Northeast Ohio Development Fund, and Chase who also served as the investor.  The project also received support by the Village of Cuyahoga Heights, Cuyahoga County, the State of Ohio and the Cleveland – Cuyahoga County Port Authority.