Nucor Anticipates Higher Investment for Construction of West Virginia Sheet Mill
- 24-Feb-2023 4:37 PM
- Journalist: Timothy Greene
Charlotte, North Carolina [United States]: Nucor Corporation has announced that its Board of Directors has approved to commit additional capital in order to continue the construction of its new sheet Steel mill located in West Virginia. This news follows a one-year update on the status of the project, which was recently provided by the company.
The new mill's annual capacity is set to be an impressive 3 million tons per year. During the building phase, it is estimated that up to 2,000 construction workers may be employed, with a total of 800 full-time personnel when operations are fully underway.
Nucor Corp. has revised its estimated net cash outlay for the West Virginia sheet mill project to $3.1 billion, up from the $2.7 billion announced in September 2021. This revised figure is net of the $275 million in cash proceeds received from the State of West Virginia for costs related to the Apple Grove site location. Inflation, property and equipment acquisitions, and expanded port and rail infrastructure requirements were all cited as factors contributing to this increased cost.
Nucor Steel West Virginia has been diligent in its efforts to receive the necessary state permits for construction of its new sheet mill. The company is now preparing for the approval process of federal permits, which it hopes to begin this spring. If all goes according to plan, the sheet mill could be completed within a 2–3-year time frame. Nucor Steel West Virginia is also actively hiring workers to lend a hand in the construction.
Nucor recently announced plans to open a new, state-of-the-art sheet mill in the region, offering advanced capabilities with a significantly lower carbon footprint than its competitors. This cutting-edge mill will boast 84-inch sheet products, as well as a 76-inch tandem cold mill and two galvanizing lines capable of producing high-end automotive and construction grades. It's clear that this new mill could be a significant game changer for Nucor and the industry.
