NUE Nucor Corporation

   By Tess Stynes 
 

Nucor Corp. (NUE) plans to spend $230 million to add a specialty mill in its Arkansas division, which the steelmaker said will expand its capability to produce advanced high-strength steels and serve the automotive sector.

The move comes a day after Nucor, the biggest U.S. steelmaker by output, agreed to acquire Independence Tube Corp. in a $435 million deal expected to widen the company's offerings to fabrication and service-center customers and strengthen its presence in the nonresidential construction market.

The Charlotte, N.C. company on Tuesday said the planned cold mill complex in Arkansas-- expected to start up in roughly two years--will have a transportation advantage over competitors outside the region that supply local and Mexican markets.

The new mill is projected to add roughly 100 jobs in Nucor's Arkansas unit, which currently employs 650 people.

Write to Tess Stynes at tess.stynes@wsj.com

(END) Dow Jones Newswires

September 20, 2016 17:46 ET (21:46 GMT)

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