Nucor to Build Plate Mill in Midwest

Steel producer Nucor Corp. said it will spend about $1.35 billion to build a plate mill in the Midwest, taking advantage of federal tax cuts that have resulted in windfall gains for several companies.

Nucor is also benefiting from higher steel prices for domestic producers due to tariffs imposed on imports.

“By building this state-of-the-art plate mill in the Midwest—the largest plate-consuming area in the U.S., we will enhance our ability to serve our customers in the region while also furthering our goal of meeting all the steel needs of our customers around the country. We expect to select a site for the new mill early this year,” said Leon Topalian, executive vice president of beam and plate products.

The new mill is expected to be fully operational in 2022. It will produce 1.2 million tons a year of steel plate products and create about 400 full-time jobs, the company said.

“Tax reform, continued improvements to our regulatory approach and strong trade enforcement are giving businesses like ours the confidence to make long-term capital investments here in the United States,” CEO John Ferriola said in a statement.

Nucor currently operates plate mills in North Carolina, Alabama and Texas.

Member since 1974 | nucor.com  | Source: Reuters