CHARLOTTE, N.C., Nov. 15, 2017 /PRNewswire/ -- Nucor
Corporation (NYSE: NUE) announced today that it will build a
full-range merchant bar quality (MBQ) mill at its existing bar
steel mill located in Bourbonnais,
Illinois. The MBQ mill will have an annual capacity of
500,000 tons and is expected to cost $180
million. The project will take approximately two years to
complete.
"This new MBQ mill is right in line with our long-term strategy
for profitable growth. It takes advantage of our position as a
low-cost producer to displace tons currently being supplied by
competitors outside the region. It also builds on our market
leadership position by further enhancing our product offerings of
merchant bar, light shapes and structural angle and channel in
markets in the central U.S.," said John
Ferriola, Chairman, CEO & President of Nucor. "Combined
with our other full-range bar mills, we are now strategically
located to supply all markets with high-quality bar products and
exceptional service."
The Midwest region is one of the largest markets for MBQ
products, and Nucor is ideally situated to take advantage of
existing operating and commercial capabilities to meet this
regional demand. This project will allow Nucor to fully utilize the
Company's existing bar mill by optimizing its melt capacity and
infrastructure that is already in place. It will also take
advantage of an abundant scrap supply in the region, as well as the
Company's commercial footprint in the central United States. Nucor Steel Kankakee, Inc. will
continue to be a supplier of quality reinforcing bar products.
"We are very excited to bring new investment and jobs to the
Kankakee community and the
State of Illinois," said
Johnny Jacobs, Vice President &
General Manager of Nucor Steel Kankakee. "We would like to thank
Governor Rauner, state and local officials, our teammates and the
entire community for their support of this project. Nucor's
bar mills have been a cornerstone of our company and, as this
project demonstrates, they are an important part of Nucor's
future."
Nucor and its affiliates are manufacturers of steel products,
with operating facilities primarily in the U.S. and Canada.
Products produced include: carbon and alloy steel -- in bars,
beams, sheet and plate; hollow structural section tubing;
electrical conduit; steel piling; steel joists and joist girders;
steel deck; fabricated concrete reinforcing steel; cold finished
steel; steel fasteners; metal building systems; steel grating; and
wire and wire mesh. Nucor, through The David J. Joseph
Company, also brokers ferrous and nonferrous metals, pig iron and
HBI/DRI; supplies ferro-alloys; and processes ferrous and
nonferrous scrap. Nucor is North
America's largest recycler.
Certain statements contained in this news release are
"forward-looking statements" that involve risks and
uncertainties. The words "believe," "expect," "project,"
"will," "should," "could" and similar expressions are intended to
identify those forward-looking statements. Factors that might
cause the Company's actual results to differ materially from those
anticipated in forward-looking statements include, but are not
limited to: (1) competitive pressure on sales and pricing,
including competition from imports and substitute materials; (2)
the sensitivity of the results of our operations to prevailing
steel prices and the changes in the supply and cost of raw
materials, including scrap steel; (3) market demand for steel
products; and (4) energy costs and availability. These and
other factors are discussed in Nucor's regulatory filings with the
Securities and Exchange Commission, including those in Nucor's
fiscal 2016 Annual Report on Form 10-K, Item 1A. Risk
Factors. The forward-looking statements contained in this
news release speak only as of this date, and Nucor does not assume
any obligation to update them.
View original
content:http://www.prnewswire.com/news-releases/nucor-to-build-merchant-bar-mill-at-nucor-steel-kankakee-inc-300556526.html
SOURCE Nucor Corporation