US steelmaker Nucor plans to build a new $1.35 billion plate mill in the Midwest, Kallanish learns from a company statement.
The 1.2 million short ton/year mill is projected to come online in 2022 with a staff of 400. The company is still reviewing potential sites for the new mill, but it is expected to make a decision in the first half of the year.
Nucor already operates plate mills in North Carolina, Alabama, and Texas.
"This investment is consistent with our drive to continue delivering sustainable, profitable growth and superior returns for shareholders," says ceo John Ferriola. "Together with the significant share repurchases completed in 2018, the board's decision to fund this high-return opportunity demonstrates our commitment to balanced capital allocation. We have a strong foundation to build upon as we advance our goal of leading in every market in which we compete."
The plate produced by the mill will range from 60-160 inches in width with gauges ranging from 3/16-inch to 14 inches, “...enabling Nucor to supply plate products that the company does not currently offer,” the company says.