A North American steel and steel products manufacturer recently announced plans to build a state-of-the-art plate mill with heat treating included in its range of processing.
Nucor Corporation, based in Charlotte, North Carolina, will invest $1.35 billion to build the mill, which will be based in the U.S. Midwest and 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.
“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,” said Leon Topalian, Nucor’s Executive Vice President of Beam and Plate products. “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.”
Nucor’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 will be capable of producing 1.2 million tons per year of steel plate products.
“This investment is consistent with our drive to continue delivering sustainable, profitable growth and superior returns for shareholders,” said John Ferriola, Chairman, CEO & President of Nucor. “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.”
Nucor currently operates plate mills in North Carolina, Alabama, and Texas.
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