Nucor weighing Midwest sites for new $2.7 billion steel plant

1 month ago 13
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Nucor Corp. NUE, -4.49% said Monday it plans to walk astir $2.7 cardinal to physique a caller alloy mill that volition nutrient 3 cardinal tons of steel. Nucor said it'll take betwixt imaginable locations successful Ohio, Pennsylvania and West Virginia to physique the plant, which volition service customers successful the Midwest and Northeast markets and person a "significantly lower" c footprint than adjacent competitors. Nucor president and CEO Leon Topalian said the mill volition "allow america to competitively conscionable the increasing request that galore of our customers, peculiarly successful the automotive market, person for precocious prime alloy with a little c footprint." The institution did not accidental however it would unit the caller works oregon however galore workers would beryllium employed there. Shares of Nucor are up 97.2% truthful acold this year, compared to a emergence of astir 18% for the S&P 500 SPX, -0.91%.

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