CHARLOTTE, N.C., March 12, 2018 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced today that it will build a rebar micro mill in Frostproof, Florida, which is located in Polk County and just minutes from Highlands County. This is a $240 million investment and is the second rebar micro mill Nucor is constructing. In November 2017, Nucor announced a rebar micro mill project in Sedalia, Missouri.
"Nucor has always focused on growing our business to better serve our customers. We are building this rebar micro mill in a great and growing market where demand is strong and there is currently an abundant supply of scrap, a good portion of which is handled by our scrap business, The David J. Joseph Company," said John Ferriola, Chairman, CEO & President of Nucor Corporation.
"Consistent with our planned strategy of being a low-cost producer, this micro mill will give us a cost advantage over our competitors who are shipping rebar into the region from long distances."
The rebar micro mill is expected to employ approximately 250 people and pay an average annual salary of $66,000. The micro mill will have an estimated annual capacity of 350,000 tons and construction is expected to take two years, pending permit and regulatory approvals.
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Highlands County, Florida offers manufacturers many advantages including low labor costs; below average property tax rates; is close to Orlando, Tampa, Fort Myers, West Palm Beach and South Florida; major highways; little congestion and more.