Nucor Corporation (NYSE: NUE) announced today that it is exploring potential sites in the Pacific Northwest to build a new rebar micro mill with an annual capacity of 650,000 tons, subject to approval by Nucor's Board of Directors. The new mill would produce a full range of rebar sizes and have spooling capabilities. This would be Nucor's fourth rebar micro mill, joining its existing micro mills in Missouri and Florida and the mill currently under construction in North Carolina.
"We have had great success with our rebar micro mills in Florida and Missouri and are on schedule to begin operating our third micro mill in the first quarter of 2025, which we are currently building in North Carolina," said CEO Leon Topalian.
"Locating a new rebar micro mill in the Pacific Northwest provides us with an excellent opportunity to better serve our customers in the region and continue to build our modern economy with some of the most sustainable steel in the world."
Rebar is used primarily in the construction of roads, buildings, sidewalks and other structures. Nucor produces steel by recycling scrap metal into new steel products, making the Company one of the cleanest steel producers in the world. Nucor bar steel products contain 97% recycled content. With the increase in federal infrastructure spending, the rebar market is expected to show continued strength.
NUE shares gained 78 cents in the early going to $144.53.
