By Paul Ploumis
April 04, 2017 01:30:12 PM
SEATTLE (Scrap Monster): Nucor Corp. has announced its decision to invest $85 million to upgrade the rolling mill at its Marion, Ohio steel mill. The investment is expected to add additional 15 jobs to the existing 265 jobs at the plant located in 912 Cheney Ave. The mill had recently celebrated 100 years of steelmaking. Nucor had purchased the mill in 2005. The steel mill had different owners prior to that.
Mike Hess, general manager of Nucor Steel Marion Inc. stated that the proposed modernization project will further enhance the company’s capability to produce the most-efficient and highest-quality steel products. He thanked Gov. John Kasich, local administration officials and the entire Marion community for all the support extended to the project. Hess also thanked Trump Administration’ strong trade enforcement policies and its commitment on restoring American manufacturing.
Meantime, John Ferriola, Chairman, CEO and president of Nucor, in a statement, noted that the upgraded rolling mill will reduce operating costs, which in turn will provide cost-competitive edge to its operations. The investment will help Nucor to better serve its customers in Ohio and surrounding states, Ferriola added. Gus Comstock, director of local economic development group Marion CAN DO! said that the current investment demonstrates Marion’s competitiveness as a manufacturing leader.
Earlier in March this year, Nucor had announced that it has acquired the assets of Omega Joist, a subsidiary of Samuel, Son & Co., Limited. The acquisition was part of company’s efforts to grow its joist and decking business in Canada. Omega Joist produces open web steel joists at its manufacturing facility located in Nisku, Alberta. The company also has sales offices in B.C and Alberta.
The Charlotte-based Nucor Corp. had announced four major acquisitions in 2016. In December 2016, it had purchased Republic Conduit from its European owner for a sum of $335 million. During the same month, the company had announced acquisition of Birmingham, Alabama-based Southland Tube, an independent manufacturer of hollow structural section (HSS) steel tubing for $130 million. In November last year, Nucor had closed in the acquisition of Independence Tube Corporation for approximately $435 million. Also, it had reached an agreement with Joy Global Inc. in April to acquire its steel plate mill in Longview, Texas for a sum of nearly $29 million.
The company had recently predicted improvement in earnings during the first quarter of 2017 upon comparison with the previous quarter, mainly on account of stepped-up performance of steel mills segment.
About Nucor Corporation
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. The company manufactures steel and steel products. The Company also produces direct reduced iron (DRI) for use in the Company’s steel mills. It also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron (HBI) and DRI. Nucor operates in three segments: steel mills, steel products and raw materials.