OCTOBER 6, 2006 - Posted at 11:27 a.m. CDT
MEMPHIS, TN - Nucor Corporation announced today it will open a $230 million steel mill in Memphis as part of its expanding domestic steel operations.
The Charolotte, North Carolina-based company has two mills in Blytheville, including one joint venture with the Japan-based Yamato Corporation..
The new Nucor plant in Memphis will employ more than 200 people, which will start production in the first quarter of 2008.
In July, Nucor announced it plans to build a steel mill somewhere in the South, with an estimated annual capacity of 850,000 tons.
The company says the Memphis plant will produce high-quality carbon and alloy rounds and round-cornered squares for the automotive, heavy equipment and service center markets.
While traditional steel makers suffered in the 1980s and 1990s, Nucor increased its share of the domestic steel market by focusing on using scrap instead of converting raw materials. It is the nation's largest recycler and has facilities in 17 states.