https://www.bizjournals.com/charlotte/news/2018/09/07/charlottes-nucor-plans-650m-expansion-at-kentucky.html

Charlotte's Nucor plans $650M expansion at Kentucky steel plant

The investment in Nucor Gallatin Steel is the latest $3.3 billion series of acquisitions and expansions Nucor Corp. announced since the summer of 2016.

By John Downey  – Senior Staff Writer, Charlotte Business Journal

Nucor Corp. will spend $650 million to nearly double the capacity of its Nucor Steel Gallatin plant in Kentucky.

The expansion will expand its rolled-steel capacity to 300,000 tons from 160,000 tons now, Nucor says. It will mean 70 new jobs at the Ghent, Kentucky, plant, bringing the head count there to 535, and it will allow the company to produce rolled sheets up to 73 inches wide.

“This expansion increases our presence in the important Midwest market, specifically in the automotive, agriculture, heavy equipment, and energy pipe and tube sectors,” says CEO John Ferriola.

The company already has a $176 million expansion project underway at the plant to install a continuous pickle galvanizing line. Nucor (NYSE:NUE) bought the Kentucky plant just four years ago for about $770 million.

Growth spurt

The latest announcement is the most recent in a string of acquisitions, expansions and new construction announced by the Charlotte-based steel manufacturer. It has invested more than $3.3 billion in that effort since the summer of 2016. In May, it announced a $240 million expansion at its Nucor Steel Arkansas plant.

Other projects include a $270 million Nucor-JFE Steel Mexico joint venture now under construction with Japan’s JFE Steel Corp. and two new rebar plants announced this year in Missouri, costing $250 million, and Florida, costing $270 million.

In July, Nucor announced it bought a minority share of an Indiana startup that has developed what it says is an environmentally friendly process for chrome-plating steel products. Nucor declined to say what that investment cost. It is also planning to build a pilot plant to help commercialize the process at its Nucor Fastener plant in St. Joe, Indiana. If the pilot is successful, it will be Nucor’s first venture into chrome-plated steel.