Nucor Building Specialty Cold Mill Complex At Arkansas Plant
Zacks Investment Research | Sep 21, 2016 06:19AM ET
Nucor (NYSE:NUE) said that it is investing an estimated $230 million to add an additional cold mill at its Nucor Steel Arkansas division. The specialty cold mill complex, which is expected to be operational in roughly two years, will expand the steelmaker’s capability to make advanced high-strength steel products for the automotive industry.
Nucor Steel Arkansas currently employs 650 people. The addition of the specialty cold mill complex is expected to add roughly 100 jobs at the facility.
The additional cold mill will give Nucor the capability to make products that it currently does not produce. Moreover, locating the cold mill at the company’s sheet mill in Arkansas will give Nucor a transportation advantage over competitors outside the region currently supplying the local market and the growing Mexican market.
Nucor’s shares closed roughly 0.4% higher at $46.17 yesterday.
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