Nordroden/iStock via Getty Images
Nordroden/iStock via Getty Images
Nucor (NYSE:NUE ) unveiled plans Thursday to build a new rebar micro mill in North Carolina, which will have an annual capacity of 430K tons and is expected to cost $350M.
Nucor already has micro mills in Missouri and Florida that produce rebar, which is used primarily in concrete reinforcement for the construction of roads, buildings, bridges and other structures.
"Nucor Steel Lexington will produce steel with nearly 100% recycled content, which means our new, modern infrastructure will be made with the most sustainable steel available anywhere in the world," President and CEO Leon Topalian said.
Construction is expected to take two years, pending permit and regulatory approvals.
Earlier this week, Nucor agreed to buy steel racking manufacturer Elite Storage Solutions in a $75M deal.