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NM to invest $900K in amfabsteel

ALBUQUERQUE, N.M. — The New Mexico Economic Development Department has announced it will invest up to $900,000 in Local Economic Development Act funding in the expansion of Bernalillo-based amfabsteel, Inc.

Sandoval County, which would act as the fiscal agent for the state funds, has yet to vote on the proposal. The county will also consider its own economic development proposal for the company this month and next.

Amfabsteel, a steel fabrication and manufacturing firm, will double the size of its plant and create up to 80 skilled manufacturing jobs, according to information provided by the state. The company will spend more than $8 million on the project over three years.

In a news release, amfabsteel President Mark Mosher said the company had considered moving out of state for its expansion.

“Because of the hard work by the very talented people at the various State, County and Town levels, as well as the (Sandoval) Economic Alliance, I am happy to say that we will be moving forward with an expansion at our existing location,” said Mosher.

Economic Development Secretary Matt Geisel called amfabsteel “a homegrown success story and an industry leader.”

The company manufactures structural steel for large buildings such as casinos and hospitals, with most of its work coming from out-of-state clients. The average salary for its positions is $17 an hour.

The Journal reported in August that the company was planning an expansion and looking to secure LEDA funding. The state says the project will also be supported by the Job Training Incentive Program.

Amfabsteel was approved for up to $451,732 in fiscal year 2018 JTIP funding for 40 jobs with an average wage of $17.38 an hour, according to the Economic Development Department’s website.