Oct 9 2006
Nucor Corporation announced that Memphis, Tennessee has been selected as the site for the "Special Bar Quality Products" steel mill. In July 2006, Nucor announced plans to construct this mill in the southern United States. This state of the art facility is expected to cost approximately $230 million and to employ more than 200 people. The facility, which will have an estimated annual capacity of 850,000 tons, will produce high quality carbon and alloy rounds and round cornered squares from 2.25" to 9" for the automotive, heavy equipment and service center markets. Construction is expected to begin after satisfactory resolution of regulatory approvals and various contracts. Start- up is expected to begin in the first quarter of 2008.
"We are looking forward to operating this facility in Memphis and expanding our presence in the southern United States. This growth project provides Nucor with an exciting opportunity to capitalize on a significantly better cost structure compared to key competitors in the Special Bar Quality market, both domestic and foreign. This facility complements our Nebraska and South Carolina SBQ mills and gives us one of the most diverse SBQ product offerings from 7/32" to 9" rounds, all with a minimum of 5:1 reduction ratio," said Daniel R. DiMicco, Nucor's Chairman, President and Chief Executive Officer.