Charlotte Business Journal: Nucor plans $230 million plant expansion in Arkansas
Clearly in expansion mode, Nucor announced Tuesday plans for a $230 million addition to its Nucor Steel Arkansas plant to produce cold rolled steel for the automotive industry.
The plant addition, which will expand Nucor’s capacity for automotive grade steel at the plant is expected to be finished in two years. It will expand the number of products Nucor can make for the auto industry.
Nucor (NYSE:NUE) already produces cold rolled sheet steel for the automotive market at the Blytheville, Arkansas facility. Locating the new cold steel operation there will make it convenient to ship products to U.S. auto manufacturers in the Midwest and the Southeast as well as plants in Mexico.
The expansion will add about 100 jobs to the 650 positions already at the Arkansas plant. It will have the capacity to produce 500,000 tons of steel a year.
The Michigan-based consulting and research firm Ducker International estimates by 2025, the automotive industry will need 4 million tons annually of the kinds of advanced high-strength and ultra-advanced high-strength steels that the expansion can produce.