NUE Nucor Corporation

   By Colin Kellaher 
 

Nucor Corp. (NUE) on Monday said it will invest $1.35 billion to build a new steel plate mill in the midwest U.S.

The Charlotte, N.C., steelmaker said it is evaluating locations for the mill, which it expects will be fully operational in 2022 and will be able to produce 1.2 million tons of steel plate products a year.

Nucor, which expects to create about 400 full-time jobs with the mill, credited actions by the Trump administration for its decision.

"This administration is taking the decisive and meaningful actions that American manufacturers need to compete on a level playing field," said John Ferriola, Nucor's chairman and chief executive. "Tax reform, continued improvements to our regulatory approach and strong trade enforcement are giving businesses like ours the confidence to make long-term capital investments here in the U.S. that create jobs and ensure our success for decades to come."

President Trump has said that his steel tariffs on China and other countries are rescuing an iconic U.S. industry that was in danger of closing.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

January 07, 2019 07:21 ET (12:21 GMT)

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