Nucor Corporation announced plans to make an investment of USD 1.35 billion to build a state-of-the-art plate mill in the US Midwest, will be capable of producing 1.2 million tons per year of steel plate products and is expected to be fully operational in 2022 creating approximately 400 full-time jobs. The new plate mill will enable Nucor to supply plate products that the Company does not currently offer by producing in gauges from 3/16 of an inch to 14 inches in thickness, and coiled, cut-to-length, heat-treated, and discrete plate ranging from 60 to 160 inches wide. Nucor currently operates plate mills in North Carolina, Texas and Alabama.
Chairman, CEO and President of Nucor, John Ferriola, said "This investment is consistent with our drive to continue delivering sustainable, profitable growth and superior returns for shareholders. 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 powerful foundation to build upon as we advance our goal of leading in each market in which we compete.
Executive Vice President of Beam and Plate products, Leon Topalian, said, "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 by building this state-of-the-art plate mill in the Midwest – the largest plate-consuming area in the United States. Our team is keen to take the next step in advancing our position in steel plate products. A site for the new mill will be selected early this year. "