Nucor To Build Sheet Steel Mill For Midwest, Northeast Markets
Charlotte, NC - Nucor Corporation (NYSE: NUE) announces that its board of directors has approved the construction of a new state-of-the-art, three-million-ton sheet mill. Nucor is evaluating locations in Ohio, Pennsylvania, and West Virginia. The new mill will be geographically situated to serve customers in the Midwest and Northeast markets.
"This greenfield sheet mill complements Nucor's existing operations, allowing us to more effectively service customers in the region, and grow our core business, while creating substantial value for our shareholders. Consistent with Nucor's long-established strategy for profitable growth, this expansion of our product capabilities will enable us to provide a superior value proposition to our customers," said Leon Topalian, President & Chief Executive Officer of Nucor Corporation. "This mill will allow us to competitively meet the growing need that many of our customers, particularly in the automotive market, have for high quality steel with a lower carbon footprint."
The new sheet mill is expected to cost approximately $2.7 billion and have the capacity to produce three million tons of steel annually. The mill will be able to produce hot-rolled sheet products with downstream processing including a tandem cold mill, annealing capabilities and initially two galvanizing lines. Galvanizing capabilities will include an advanced high-end automotive line with full inspection capabilities as well as a construction-grade line. Once state and local incentives, permitting and other regulatory approvals are received, construction is expected to take two years.
"The green and digital economy is being built with steel, and Nucor, as one of the cleanest steel makers in the world, is poised to be able to meet these unique opportunities," concluded Topalian.
About Nucor Corporation
Nucor and its affiliates are manufacturers of steel and
steel products, with operating facilities in the U.S., Canada and Mexico. For more information, visit www.nucor.com.