Steelmaker Nucor to build $164M tube mill in US Midwest

Steelmaker Nucor Corp. approved the construction of a $164 million tube mill in the U.S. Midwest to increase its products used in construction, infrastructure and renewable energy in the solar energy market.

The Charlotte, N.C.-based company did not disclose the location of the project in its March 9 news release. It expects the mill to be online in two years. The mill will have production capacity of about 250,000 tons of hollow structural section tubing, mechanical steel tubing and galvanized solar torque tube.

Nucor's investments in the Midwest region include a plate mill, a galvanizing line and a hot roll expansion facility. The company noted that the area is the largest consumer of steel and steel products in the country.

The company's tubular products group comprises eight tubular facilities with a total annual capacity of about 1.4 million tons.

Nucor recently forecast record net earnings of more than $900 million for its first quarter, which ends April 3, due to positive economic trends and robust demand. For the fourth quarter of 2020, the company's net income climbed year over year to $398.8 million from $107.8 million.