A Harvey steel processor is considering moving operations to Northwest Indiana.

LB Steel may move to a $70 million industrial complex planned for the former Union Tank Car Co. property in East Chicago, Ind., city attorney Joseph Allegretti said. LB Steel would employ about 400 people there.

East Chicago officials say several new industrial buildings are planned for the former Union Tank Car Co. property.

Mayor Anthony Copeland is proposing 75 percent of new property taxes from the redevelopment go toward paying project debt as long as the company employs at least 200 East Chicago residents.

Union Tank Car once employed more than 600 workers but the factory closed in 2008.

Other factory and warehouse space is also planned at the site.