Nucor picks West Virginia for its new $2.7 billion steel mill

nucor-picks-west-virginia-for-its-new-$2.7-billion-steel-mill

Nucor Corp. NUE, +3.50% said Wednesday it has selected Mason County, West Virginia as the site of its new sheet mill, which the steel maker said will have about 800 full-time employees. West Virginia won out over other locations evaluated by the company in Pennsylvania and Ohio. As previously announced in September, the company said the mill is expected to cost $2.7 billion and produce three million tons of steel per year. Construction is expected to take two years. “We are pleased to create hundreds of new, high-paying jobs, and position West Virginia as a leader in clean steel production,” Nucor Chief Executive Leon Topalian. The stock, which rose 2.3% in afternoon trading, has soared 95.2% over the past 12 months while the SPDR Materials Select Sector ETF XLB, +1.01% has gained 16.0% and the S&P 500 SPX, +0.28% has advanced 24.1%.

Source: Marketwatch

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