January 7, 2019 / 11:43 AM / 9 days ago

Nucor to set up plate mill in U.S. Midwest for $1.35 billion

FILE PHOTO: A sign for the Nucor Steel Mill, under construction, is seen in Sedalia, Missouri, U.S., October 3, 2018. REUTERS/Lawrence Bryant

(Reuters) - Steel producer Nucor Corp (NUE.N) said on Monday it would spend about $1.35 billion to build a plate mill in the U.S. Midwest, taking advantage of federal tax cuts that has resulted in windfall gains for several companies.

Nucor is also benefiting from higher steel prices for domestic producers due to tariffs imposed on imports by the Trump administration last year.

The new mill, which is expected to be fully operational in 2022, would produce 1.2 million tons a year of steel plate products and create about 400 full-time jobs, the company said.

“Tax reform, continued improvements to our regulatory approach and strong trade enforcement are giving businesses like ours the confidence to make long-term capital investments here in the United States,” Chief Executive Officer John Ferriola said in a statement.

Nucor currently operates plate mills in North Carolina, Alabama and Texas.

Reporting by Ankit Ajmera in Bengaluru; Editing by Arun Koyyur

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