Steel manufacturer Nucor details $350 million NC expansion, adds 180 high-paying jobs
Charlotte-based Nucor Corp. will invest $350 million in a micro steel mill and create at least 180 jobs with its latest expansion in North Carolina.
Nucor, the largest steel company in the U.S., said in a statement Thursday that it will build its third rebar micro mill in Lexington, about 60 miles northeast of Charlotte. Other mills are in Missouri and Florida.
Rebar is used primarily in the construction of roads, buildings, sidewalks and other structures, according to the company.
“The corridor between Washington, D.C., and Atlanta is one of the fastest-growing regions in our nation, and new federal spending for infrastructure will further increase demand for rebar in the region,” Nucor president and CEO Leon Topalian said in the news release.
The average salary for at least 180 jobs at Nucor Steel Lexington will be about $99,660, according to a Gov. Roy Cooper’s office. That’s more than double the average wage in Davidson County of $45,117.
For its investment, Nucor will receive over $3.33 million in state incentives over 12 years, based on performance, according to the state’s Economic Investment Committee.
Other Nucor expansions
Nucor Steel Lexington is the latest expansion move by Nucor.
Also this week, Nucor said it will invest $15 million in NuScale Power, a developer of small modular reactor nuclear plants. And on Tuesday, Nucor acquired steel racking manufacturer Elite Storage Solutions for $75 million with locations in Monroe, Georgia, and Chandler, Arizona.
Here are some other moves:
▪ In February, Nucor approved a $290 million investment to expand its Crawfordsville, Indiana, steel sheet mill, creating 80 jobs.
▪ In January, Nucor said it would build a $2.7 billion sheet mill in Mason County, West Virginia, with capacity to produce 3 million tons of steel annually.
▪ Last fall, the steel manufacturer said it would add a blast and prime line at its $1.7 billion steel plate mill under construction in Brandenburg, Kentucky, and create 400 jobs. It’s expected to open later this year.
▪ In August, Nucor acquired two insulated metal panel brands from Cary-based Cornerstone Building Brands for $1 billion, the Observer reported. The deal added 830 employees from seven Cornerstone manufacturing sites, three offices and a product center.
More about Nucor
Nucor has been headquartered on Rexford Road in south Charlotte since 1966.
It has a steel plate mill in Hertford County, a Harris Rebar fabrication facility in Lumberton and three scrap recycling facilities in North Carolina, which will provide raw materials for the new mill.
The company has about 800 employees in North Carolina and almost 27,000 workers throughout its more than 300 facilities in the U.S., Canada and Mexico, according to the company website.
Nucor reported consolidated net earnings of $6.83 billion last year, compared with earnings of $721.5 million in 2020.