In a statement, Nucor said it will build the facility in Frostproof, Fla. Construction is expected to take two years.

"We are building this rebar micro-mill 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 Co.," said Nucor chairman and chief executive John Ferriola.

"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," he said.

Nucor in November revealed that it was considering a second micro-mill even as it looks to build its first such facility in Missouri. Nucor said this second facility will have a capacity of about 350,000 tons annually.