Leading US steelmaker Nucor Corporation plans to build a state-of-the-art plate mill in the Midwest. The company’s board of directors has approved an investment of $1.35 billion to build the mill, which is expected to be fully operational in 2022 and capable of producing 1.2Mt/yr of steel plate products. The project is expected to create around 400 full-time jobs.
According to John Ferriola, chairman, CEO and president of Nucor, the investment is consistent with the company's drive to continue delivering sustainable, profitable growth and superior returns for its shareholders. “Together with the significant share repurchases completed in 2018, the Board’s decision to fund this high-return opportunity demonstrates our commitment to balanced capital allocation. We have a strong foundation to build upon as we advance our goal of leading in every market in which we compete.”
Leon Topalian, executive vice president of Beam and Plate products, commented: “By building this state-of-the-art plate mill in the Midwest – the largest plate-consuming area in the United States – 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. Our team is poised and ready to take the next step in advancing our position in steel plate products,” he said.
Nucor claims that the new plate mill will produce cut-to-length, coiled, heat-treated, and discrete plate ranging from 60 to 160 inches wide, and in gauges from 3/16 of an inch to 14 inches in thickness; enabling Nucor to supply plate products that the Company does not currently offer. The company currently operates plate mills in North Carolina, Alabama and Texas.
“This administration is taking the decisive and meaningful actions that American manufacturers need to compete on a level playing field,” Ferriola 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 US that create jobs and ensure our success for decades to come.”