Nucor Corporation announced this week plans to build a new state-of-the-art plate mill at a Midwest location, yet to be announced.
Nucor’s Board of Directors has approved an investment of $1.35 billion to build the mill, according to a release this week, which is expected to be fully operational in 2022 and capable of producing 1.2 million tons per year of steel plate products. The project is expected to create approximately 400 full-time jobs.
“This investment is consistent with our drive to continue delivering sustainable, profitable growth and superior returns for shareholders,” John Ferriola, Chairman, CEO and President of Nucor, said. “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 new plate mill will produce cut-to-length, coiled, heat-treated, and discrete plate ranging from 60 to 160 inches wide, and in gauges from 3/16 of an inch to 14 inches in thickness, enabling Nucor to supply plate products that the company does not currently offer.
Nucor currently operates plate mills in North Carolina, Alabama and Texas.
The location for the new location is yet to be announced, but in presentation material provided to investors following the announcement, locations in Indiana, Kentucky, Ohio and West Virginia were under consideration.
Whether Montgomery County is one of those locations being considered is unknown. Katherine Miller, Director of Public Affairs and Corporate Communications for Nucor, said in an email, “there is no additional information available regarding the site selection.”
Nucor currently has four locations in Indiana, including Crawfordsville. They also have two locations in St, Joe and one location in Waterloo.
“Nucor is a huge part of our community,” Montgomery County Commissioner John Frey said. “It is great that Nucor Corporate has decided to invest this much in it’s future. We hope they take a look at Montgomery County.”
Leon Topalian, Executive Vice President of Beam and Plate products, said, “By building this state-of-the-art plate mill in the Midwest — the largest plate-consuming area in the United States -— we will enhance our ability to serve our customers in the region while also furthering our goal of meeting all the steel needs of our customers around the country. We expect to select a site for the new mill early this year. Our team is poised and ready to take the next step in advancing our position in steel plate products.”