NUE Nucor Corporation

By Cara Lombardo 

Nucor Corp. said Monday it will build a $240 million rebar mill in Florida, the latest investment from the steelmaker in a bid to capitalize on a rising market for the metal.

Chief Executive John Ferriola said the planned mill would build reinforcing steel bars, or rebar, and will give the company an advantage over competitors who ship rebar from long distances.

Nucor, which last year announced plans to build a new rebar-producing mill in Missouri, didn't explicitly tie the mill in Florida to the recent implementation of tariffs on imported steel and aluminum from countries excluding Canada and Mexico. The company didn't immediately respond to a request for comment.

But on Thursday Mr. Ferriola thanked President Donald Trump in prepared remarks for addressing the "flood" of steel imports.

"For too many years, Nucor and other American steelmakers have dealt with this chronic problem, which is fueled by foreign governments' subsidies and preferential treatment for their steel industries in violation of international trade agreements and free market principles," Mr. Ferriola said.

Last week, United States Steel Corp. said it would fire up a blast furnace in Granite City, Ill., and call back 500 workers. Century Aluminum Co. said before that it will restart lines at a smelter in Kentucky that have been curtailed since 2015, doubling its workforce there to 600.

The mill will have an estimated annual capacity of 350,000 tons and construction is expected to take two years, pending permit and regulatory approvals.

While residents in these communities and employees celebrate, critics of the tariffs said they would harm American industries that rely on metal supplies, such as manufacturers and food and beverage companies that use aluminum cans.

Nucor expects the Florida mill to employ 250 people and pay an average salary of $66,000.

Nucor shares, up 11% over the past year, rose 0.3% in Monday trading.

Write to Cara Lombardo at cara.lombardo@wsj.com

(END) Dow Jones Newswires

March 12, 2018 11:01 ET (15:01 GMT)

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