Nucor’s Board of Directors approved a plan to invest $650 million to expand the production capability of Nucor Steel Gallatin in Ghent, Ky.
Nucor Corporation's Board of Directors approved an investment of $650 million to expand the production capability of Nucor Steel Gallatin, the company's flat-rolled sheet steel mill located in Ghent, Ky.
This investment will increase the production capability from 1,600,000 tons to approximately 3,000,000 tons annually and will increase the maximum coil width to approximately 73 in. The project is expected to create 70 full-time jobs.
This expansion complements the $176 million investment currently under way to construct a hot band continuous pickle galvanizing line at Nucor Steel Gallatin. The pickle galvanizing line is expected to be operational in the first half of 2019 and will produce approximately 500,000 tons per year of galvanized hot band steel. Nucor continues to evaluate additional expansion projects as part of the company's initiative to further grow its sheet business.
“This investment is another major component of our planned strategy for long-term profitable growth,” said John Ferriola, chairman, CEO & president of Nucor. “Together with the new galvanizing line, this expansion increases our presence in the important Midwest market, specifically in the automotive, agriculture, heavy equipment, and energy pipe and tube sectors.”
Nucor acquired the former Gallatin Steel Company in late 2014 for a purchase price of approximately $780 million.
“We would like to thank Governor Matt Bevin, our local officials, East Kentucky Power Cooperative and Owen Electric, our teammates and the entire community for their support,” said John Farris, vice president and general manager, Nucor Steel Gallatin. “The project will allow us to better serve our automotive and value-added customers.”
Nucor and its affiliates are manufacturers of steel products, with operating facilities primarily in the United States 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.