Nucor to make $4.4 million investment in Decatur steel making plant

By Paul Ploumis (ScrapMonster Author)

March 30, 2016 07:54:00 AM

DECATUR (Scrap Monster): Nucor Corporation will make an investment of $4.4 million at its Decatur steel manufacturing facility towards purchase of new equipment. The investment is not expected to create new jobs, but will enhance the job security of existing staff at the facility. The investment is expected to help Nucor to increase its customer base in the region.

The Decatur Industrial Development Board has announced tax abatement for the investment. It approved an abatement of around $117,545 in non-educational state, city and county taxes over a period of ten years for the project. As per estimates, the project is likely to generate new real and personal property taxes totaling about $144,760 during this period. Out of that nearly $10,870 will go to Decatur City Schools every year.

According to Chad Potter, division controller for Nucor Steel Decatur, the new equipment will improve the plant’s hot mill pickle line. It will help Nucor to gain access to additional markets including the ever-growing automotive and manufacturing industry.

The construction of the project is expected to begin this Friday and is expected to get completed before the year-end.

Meantime, Jeremy Nails, president and CEO of the Morgan County Economic Development Association appreciated Nucor's continued investment in their Decatur operations. He hoped that the new investment will help the company to remain competitive. Further, it will retain the well-paying jobs for our citizens, he added.

Nucor Corporation is the largest steel producer in the United States and is the largest "mini-mill" steelmaker. Nucor is North America's largest recycler of any material and recycled 16.9 million tons of scrap in 2015.