CHARLOTTE, N.C., Nov. 21, 2017 /PRNewswire/ -- Nucor Corporation
(NYSE: NUE) announced today that it will build a rebar micro mill
in Sedalia, Missouri, about 90
miles east of Kansas City.
Following its approval by the Missouri Development Finance Board,
the project was formally announced at an event with Governor
Eric Greitens held at Lowell Mohler
Assembly Hall. The new micro mill project represents at least
$250 million in new investments and
is expected to start-up in 2019 pending the final approval and
award of state and local incentives as well as required permits and
regulatory approvals.
"This rebar micro mill project is consistent with our long-term
strategy for profitable growth and builds on our position as a
low-cost producer," said John
Ferriola, Chairman, CEO & President of Nucor.
"Strategically positioning this micro mill in the Kansas City area will give us a sustained cost
advantage over other domestic steel producers supplying rebar from
outside the region."
Rebar supply to the Kansas
City, upper Midwestern and Plains markets currently travels
long distances, giving the micro mill in Sedalia a logistical advantage. This location
will also allow the Company to take advantage of the abundant scrap
supply in the immediate area provided by Nucor's scrap business,
The David J. Joseph Company.
The rebar micro mill investment is expected to create 255
full-time jobs paying an average annual salary of approximately
$65,000. In addition, the project
will create 450 temporary construction jobs.
"We would like to thank state and local officials who have
assisted us with the project, including Governor Greitens, the
Missouri Department of Economic Development, the City of Sedalia, Pettis County, and Kansas City Power &
Light," said Dave Sumoski, Executive
Vice President of Merchant and Rebar Products. "Our bar mills have
been the foundation of our company, and we believe strategically
supplying underserved markets will allow our bar business to
continue to generate significant value in the future. We are
encouraged by the tremendous support received by the state and
local community in Missouri, and
Nucor has decided to pursue an additional micro mill project.
Two regions are currently under consideration in the Southeastern United States for this additional
project."
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.
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SOURCE Nucor Corporation