Nucor Board Approves Additional Funding for W.Va. Sheet Mill
However, Nucor on Thursday said its board has OK’d additional capital funding for the project, which will now require a net cash outlay of US$3.1 billion. Nucor originally had said the project would be a US$2.7 billion investment. The company said inflation, the acquisition of additional property and equipment, and expanded port and rail infrastructure requirements contributed to the additional cost.
That aside, Nucor said the 3-million-ton facility has received all of the necessary state permits, and it is looking to secure federal permits this spring. Employee recruting efforts are also underway, Nucor said.
"We remain incredibly excited about our Nucor Steel West Virginia mill and its advanced capabilities that will expand our ability to provide our customers with the cleanest and highest-quality steel products, particularly for demanding automotive and construction applications," said Nucor chairman and chief executive Leon Topalian.
“The Midwest and Northeast consume half the sheet steel in the United States. This transformative project will provide customers in these high-demand regions with more sustainable sheet steel, create long-term value for our shareholders and fuel additional growth for Nucor."
Construction is expected to take two to three years.