Nucor to Build Midwest Plate Mill
By Metal Center News Staff
on Jan 7, 2019
Nucor Corp., Charlotte, N.C., will build a new plate mill in the Midwest. The company’s board of directors approved an investment of $1.35 billion to construct the 1.2-million ton mill. The mill is expected to be operational by 2022.
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 the company does not currently offer. Nucor 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," said John Ferriola, chairman, CEO and president of Nucor. "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."
"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,” said Leon Topalian, executive vice president of beam and plate products. “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."