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Researched by Industrial Info Resources (Sugar Land, Texas)--Nucor Corporation (NYSE:NUE) (Charlotte, North Carolina) will build a rebar micro mill in Frostproof, Florida, the steel producer said Monday, marking its second announced U.S. rebar micro mill project since November.
The Frostproof project has a total investment value (TIV) of $240 million, according to Nucor. For more information, see Industrial Info's project report. The micro mill will have an estimated capacity of 350,000 tons per year and employ about 250 people. Construction will take two years to complete, pending permit and regulatory approvals, the company said.
Nucor Chief Executive Officer John Ferriola said the rebar micro mill will be located in "a great and growing market where demand is strong and there is currently an abundant supply of scrap, a good portion of which is handled by our scrap business, The David J. Joseph Company."
He added, "Consistent with our planned strategy of being a low-cost producer, this micro mill will give us a cost advantage over our competitors who are shipping rebar into the region from long distances."
In November, Nucor announced a $250 million rebar micro mill project in Sedalia, Missouri, about 90 miles east of Kansas City. The facility is expected to produce up to 350,000 tons per year of steel rebar, which will be supplied to the Kansas City, upper Midwestern and Plains markets. Nucor said the product currently supplied to these areas travels long distances, giving the new mill a logistical advantage. It is expected to start up in 2019, pending the final approval and awarding of state and local incentives, as well as required permits and regulatory approvals. For more information, see Industrial Info's project report. For related information, see January 31, 2018, article - Nucor, AK Steel Expect Steel Market to Grow in 2018 as Prices, Demand Improve.
In other steel industry-related news, Republic Steel (Canton, Ohio), said last week that it is positioned to restart its Lorain, Ohio, facility, including its idled electric arc furnace, casters and rolling mills, following the Trump Administration's approval of a steel import tariff. The special bar quality (SBQ) steel manufacturer said the restart of the Lorain facility would provide more than 1 million tons per year of production capacity.
Republic Steel said the restart could result in more than 1,000 jobs. The company added it would take a few months to hire and train employees and restart the idled equipment.
"We maintained our Lorain facility while it's been idled waiting for the opportunity to restart and it appears that time is finally here," said Republic Steel Chief Executive Officer Jaime Vigil.
Industrial Info is tracking a potential $100 million pig iron production plant project at the Lorain site. The project is currently under economic evaluation. For more information, see Industrial Info's project report.
President Donald Trump approved a 25% tariff last week on U.S. steel imports and a 10% tariff on aluminum imports, with the exception of imports from Canada and Mexico. For more information, see March 8, 2018, article - Trump Signs Steel, Aluminum Import Tariffs, Excludes Canada, Mexico.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
The Frostproof project has a total investment value (TIV) of $240 million, according to Nucor. For more information, see Industrial Info's project report. The micro mill will have an estimated capacity of 350,000 tons per year and employ about 250 people. Construction will take two years to complete, pending permit and regulatory approvals, the company said.
Nucor Chief Executive Officer John Ferriola said the rebar micro mill will be located in "a great and growing market where demand is strong and there is currently an abundant supply of scrap, a good portion of which is handled by our scrap business, The David J. Joseph Company."
He added, "Consistent with our planned strategy of being a low-cost producer, this micro mill will give us a cost advantage over our competitors who are shipping rebar into the region from long distances."
In November, Nucor announced a $250 million rebar micro mill project in Sedalia, Missouri, about 90 miles east of Kansas City. The facility is expected to produce up to 350,000 tons per year of steel rebar, which will be supplied to the Kansas City, upper Midwestern and Plains markets. Nucor said the product currently supplied to these areas travels long distances, giving the new mill a logistical advantage. It is expected to start up in 2019, pending the final approval and awarding of state and local incentives, as well as required permits and regulatory approvals. For more information, see Industrial Info's project report. For related information, see January 31, 2018, article - Nucor, AK Steel Expect Steel Market to Grow in 2018 as Prices, Demand Improve.
In other steel industry-related news, Republic Steel (Canton, Ohio), said last week that it is positioned to restart its Lorain, Ohio, facility, including its idled electric arc furnace, casters and rolling mills, following the Trump Administration's approval of a steel import tariff. The special bar quality (SBQ) steel manufacturer said the restart of the Lorain facility would provide more than 1 million tons per year of production capacity.
Republic Steel said the restart could result in more than 1,000 jobs. The company added it would take a few months to hire and train employees and restart the idled equipment.
"We maintained our Lorain facility while it's been idled waiting for the opportunity to restart and it appears that time is finally here," said Republic Steel Chief Executive Officer Jaime Vigil.
Industrial Info is tracking a potential $100 million pig iron production plant project at the Lorain site. The project is currently under economic evaluation. For more information, see Industrial Info's project report.
President Donald Trump approved a 25% tariff last week on U.S. steel imports and a 10% tariff on aluminum imports, with the exception of imports from Canada and Mexico. For more information, see March 8, 2018, article - Trump Signs Steel, Aluminum Import Tariffs, Excludes Canada, Mexico.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
