Nucor Board of Directors Approves Funding for New Pacific Northwest Rebar Micro Mill

Source: www.gulfoilandgas.com 2/21/2024, Location: North America

Nucor Corporation (NYSE: NUE) announced today that the company's Board of Directors approved $860 million to construct a 650,000-tons-per-year rebar micro mill in the Pacific Northwest. This will be Nucor's fourth and largest rebar micro mill, with approximately 50 percent more production capacity than the mill currently under construction in North Carolina. Nucor continues to evaluate potential locations, and the project is expected to take two years to construct, subject to regulatory approvals.

"The rebar we produce at our Nucor micro mills is made from nearly 100 percent recycled scrap, making it some of the cleanest steel made anywhere in the world," said Leon Topalian, Chair, President and Chief Executive Officer of Nucor. "This new rebar micro mill in the Pacific Northwest will help Nucor maintain its leadership in the steel bar market and further execute our strategy to better serve our customers west of the Rocky Mountains, which also includes the addition of a melt shop at our Arizona bar mill."

The new mill will produce a full range of rebar sizes and will have spooling capabilities. Rebar is used primarily in the construction of roads, buildings, and other structures. With the increase in U.S. infrastructure investments, the domestic rebar market is expected to show continued strength.

Nucor currently has 15 bar mills strategically located across the United States that manufacture a broad range of steel products, including concrete reinforcing bars, hot-rolled bars, rounds, light shapes, structural angles, channels, wire rod and highway products in carbon and alloy steels. Four of the bar mills have a significant focus on manufacturing special bar quality (SBQ) and wire rod products. Steel produced by Nucor bar mills serves numerous end markets, including the agricultural, automotive, construction, energy, furniture, machinery, metal building, railroad, recreational equipment, shipbuilding, heavy truck and trailer market segments. Nucor's bar mill capacity as of December 31, 2023, is approximately 9.6 million tons per year.


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