PDT Staff Writer
A group of area business leaders has finalized plans for a dinner party they say will accomplish two things: raise much needed money for a Hatch Study for New Steel, Inc., as they attempt to move forward toward building a steel plant in Scioto County, and, at the same time, let citizens become stock holders.
“The dinner will be on July 30 at Oscar’s at the Holiday Inn in downtown Portsmouth. It will begin at 5 p.m. with dinner served at 6:30 p.m.,” Portsmouth developer Jeff Albrecht, co-chairman of the committee, said. “And it’s for those who want to invest but don’t want to go the $10,000 range.”
Albrecht and co-chairman of the committee, Andy Glockner, announced Monday, the availability of investing in the future of the project, in increments of $10,000, but at the same time began making plans for other investors to purchase $500 per-couple tickets to a dinner party.
“It’s to be part of an investment club, and be set up by an attorney, and will all be documented,” Albrecht said. “And until we get these things set up we don’t want any money. But whatever the investment club comes up with will be an investment in New Steel. It will be part of what the others ($10,000 investors) will get. It will have a 20 percent annual earning, but nothing will be paid for five years. At the end of five years, it can either be sold for its value, or traded in for common stock at a value to be determined.”
Albrecht said the committee will be reaching out to a lot of dignitaries, inviting them to the dinner at $500 per-couple.
“(New Steel President) John Schultes will be there that night,” Albrecht said. “We’re going to invite the President and all the people running for President; We’re going to invite our Senators; our Governor. I don’t know if they will show up or not. But we are inviting them and many others.”
Anyone wanting to be a part of the dinner or who wants more information on the event may go to the following e-mail address: email@example.com, or they may call Lisa Carver at 740-353-7647. Albrecht said reservations must be in by July 23.
The committee has set a Scioto County goal of $250,000, toward the $500,000 needed to commission the study and pay for attorney’s fees and some permits.
Scioto County Commissioner Tom Reiser said New Steel has already invested $12 million in the project, buying permits and handling other expenses. The plant will cost some $2 billion to build, and will produce a new lighter and stronger steel product. The company is currently looking for investors as well as an energy company to purchase the excess power that will be produced at the site.
“I am so proud to have the community involved in this. This is truly a community effort,” Albrecht said. “I think this could be something to show the nation what a community can do to get something done.”
Frank Lewis may be reached at 740-353-3101, ext. 232, or at firstname.lastname@example.org