CHARLOTTE, N.C., March 12, 2018 /PRNewswire/ -- Nucor Corporation
(NYSE: NUE) announced today that it will build a rebar micro mill
in Frostproof, Florida, which is
located in Polk County. This is a
$240 million investment and is the
second rebar micro mill Nucor is constructing. In November 2017, Nucor announced a rebar micro mill
project in Sedalia, Missouri.
"Nucor has always focused on growing our business to better
serve our customers. We are building this rebar micro mill in a
great and growing market where demand is strong and there is
currently an abundant supply of scrap, a good portion of which is
handled by our scrap business, The David J. Joseph Company," said
John Ferriola, Chairman, CEO &
President of Nucor Corporation.
"Consistent with our planned strategy of being a low-cost
producer, this micro mill will give us a cost advantage over our
competitors who are shipping rebar into the region from long
distances."
The rebar micro mill is expected to employ approximately 250
people and pay an average annual salary of $66,000. The micro mill will have an estimated
annual capacity of 350,000 tons and construction is expected to
take two years, pending permit and regulatory approvals.
"We would like to thank the many state and local officials,
leaders and partners who have assisted us with the project," said
Dave Sumoski, Executive Vice
President of Merchant and Rebar Products. "Identifying the right
location is an essential part of our rebar micro mill strategy, and
this part of central Florida met
all the criteria we evaluate. We look forward to becoming a member
of the community."
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) U.S. and foreign trade
policies affecting steel imports or exports; (3) 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; (4) market demand for steel products; and (5) 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 2017 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