The company's board of directors approved the allocation of funds for construction

The board of directors of US steelmaker Nucor has approved $860 million for the construction of a micro-plant for the production of rebar in the Northwest Pacific. The company said in a statement.

The company continues to evaluate potential locations. The plant will be Nucor’s largest rebar production facility and will have a capacity of 650 thousand tons per year. It is expected to be completed in two years, subject to regulatory approvals.

«The rebar we produce at our Nucor micro mills is almost 100% recycled scrap, making it one of the cleanest in the world,» said Leon Topalian, Chairman, President and CEO of Nucor.

The new plant will produce a full range of rebar sizes. With increased investment in US infrastructure, the domestic market for these products is expected to continue to grow.

Nucor currently operates 15 rolling facilities strategically located across the United States, with a total production capacity of approximately 9.6 million tons per year at the end of 2023. These mills produce a wide range of steel products, with four of them specializing in the production of special quality long products (SBQ) and wire rod.

As GMK Center reported earlier, last fall, Nucor reaffirmed its intention to achieve carbon neutrality by 2050 and set a new interim target for 2030. Currently, the company’s 2050 goals and 2030 interim goal cover Scope 1, 2 and 3 emissions from hot rolled steel production, as defined by the ambitious GSCC standard.