The US-based, highly efficient aluminium recycler Spectro Alloys Corp. has reportedly proposed to expand its capacity by building a new 90,000-square-foot facility on a 42-acre site along Highway 55. The project needs an investment of $76.8 million, for which the company is looking for state assistance, as revealed in a report.
According to a notice from the Minnesota Department of Employment and Economic Development, Spectro is requesting a $400,000 Minnesota Investment Fund loan for the project.
The company official said the project would most likely break ground in 2024 and be operational in mid-2025, bringing 70 new jobs to the city. Spectro Alloys said the jobs would pay $30.86 per hour on average.
“With this expansion, aluminum recycling at Spectro Alloys will save enough energy to power every home in Minneapolis and St. Paul combined,” the company said in a statement.
Specifically, the expansion will increase the company’s ability to sort & melt aluminium scrap and cast it into sheet and billet alloys to meet the demand for recycled aluminium extrusion and sheet products.
Luke Palen, the company’s president, rightly pointed out that the demand for recycled aluminium products has driven the biggest expansion in company history.
In April, the Rosemount City Council approved the applications for state assistance. Eric Van Oss, Rosemount’s Economic Development Coordinator told the City Council that the loan request has to go through the local government, which studies the application, submits it to DEED, and disburses awarded funds.
“These are state funds. Nothing is actually coming from the city of Rosemount. We are just the applicant on behalf of the company,” Van Oss said.
The state funding request is the subject of a public hearing on May 17, at 1 p.m.
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