Thursday, May 15, 2008

Nucor considering new steel plant in La.

Continuing a string of deals and expansions announced this week, Charlotte-based Nucor Corp. said Thursday that it's looking to build a new $2 billion steel plant in Louisiana.

The plant, which would be located in St. James Parish, La., 30 miles west of New Orleans, would create about 2,600 jobs and be a state-of-the-art iron-making facility, Nucor said. The plant would be the first new pig iron plant built in the U.S. in the last 30 years. Pig iron is a raw material used to make steel.

Nucor cautioned in a news release that the plant is not a done deal. It said it is still considering other sites outside the U.S. and that the Louisiana project depends on receiving permits from state officials and on a final decision by Nucor's board of directors.

Company officials were unavailable for comment.

This week, Nucor also announced two joint ventures with foreign steel companies that will expand the company's reach into Europe, North Africa and the Mediterranean region.

Despite a slowing U.S. economy, the steel industry is booming because of a thriving overseas construction market that needs steel.

Nucor is the largest U.S. steelmaker by volume.

Charlotte Business | Charlotte Observer

Technorati Tags: ,,

No comments: