Nucor Invests $240 Million to Build New Florida Steel Rebar Mill

SEATTLE (Scrap Monster): Charlotte, North Carolina-headquartered Nucor Corp. has decided to construct a new rebar micro mill in Frostproof, Florida.

The company will invest around $240 million in the project. This is the second major rebar mill project announced by the company. Earlier in November 2017, Nucor had announced investment of nearly $250 million towards construction of a new rebar micro mill in Sedalia, Missouri. The Missouri Plant is slated to open in 2019. Also, the company has spent nearly $2.4 billion in capital acquisition, expansion and construction projects over the past two years.

The proposed Florida rebar mill will provide jobs to nearly 250 people in Polk County. The micro mill will have an estimated production capacity of 350,000 tons per annum and will further strengthen the company’s position as a top concrete reinforcing steel producer in the region.

John Ferriola, Chairman, CEO & President of Nucor Corporation stated that the new investment is in line with the company’s strategy to continue to remain as a low-cost producer. The mill offers significant cost advantage, considering the fact that much of the rebar demand in the region is met through shipments from long distances. The ever-growing demand in the region coupled with abundant availability of scrap supply have been the key factors behind the company choosing Florida as the location of its new rebar mill, Ferriola said.

ALSO READ: Nucor Foresees Encourging Market Conditions in 2018

Dave Sumoski, Executive Vice President of Merchant and Rebar Products at Nucor Corp thanked state and local officials for assisting with the project. The proposed mill location has met all the criteria of evaluation, he said. Nucor Corp. eagerly looks forward to becoming a member of the community, Sumoski added.

The construction of the mill is expected to take more than two years, subject to customary permits and regulatory approvals. The tentative opening is scheduled as sometime in 2020.