CHARLOTTE, N.C., March 22, 2017 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced today that it will be investing $85 million to upgrade the rolling mill at its steel bar mill in Marion, Ohio. Nucor Steel Marion, Inc. is Ohio's largest producer of rebar and signpost, capable of producing over 400,000 tons annually.
"Our Marion mill recently celebrated its 100th year of steelmaking. With this project to modernize the rolling mill, we are investing in the next 100 years," said John Ferriola, Chairman, CEO and President of Nucor. "Updating the technology used in the rolling mill will help Nucor Steel Marion maintain a cost competitive position by reducing operating costs allowing us to better serve our customers in Ohio and surrounding states."
"We are excited to bring this modernization project to Ohio that will enhance our ability to produce the most-efficient and highest-quality recycled steel available in the market," said Mike Hess, General Manager of Nucor Steel Marion, Inc. "We are especially proud to make this investment in the Marion community. We would like to thank Governor John Kasich, our local officials, our teammates and the entire community for their support of this project. We also want to thank the Administration for making strong trade enforcement a priority and for its commitment to restoring American manufacturing."
Nucor Steel Marion, Inc. employs 265 teammates and has an annual payroll of approximately $23 million, making it one of the highest salary manufacturers in Marion County and the state of Ohio. The modernization project has the potential to add an additional fifteen jobs at the mill.
Nucor and its affiliates are manufacturers of steel products, with operating facilities primarily in the U.S. and Canada. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; steel grating; and wire and wire mesh. Nucor, through The David J. Joseph Company, also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.
Certain statements contained in this news release are "forward-looking statements" that involve risks and uncertainties. The words "believe," "expect," "project," "will," "should," "could" and similar expressions are intended to identify those forward-looking statements. Factors that might cause the Company's actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including competition from imports and substitute materials; (2) the sensitivity of the results of our operations to prevailing steel prices and the changes in the supply and cost of raw materials, including scrap steel; (3) market demand for steel products; and (4) energy costs and availability. These and other factors are discussed in Nucor's regulatory filings with the Securities and Exchange Commission, including those in Nucor's fiscal 2016 Annual Report on Form 10-K, Item 1A. Risk Factors. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them.
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SOURCE Nucor Corporation