Wednesday, 15 September 2010 15:37
Nucor Picks Louisiana For Iron Making Facility
Written by  {ga=staffwriters}

Nucor Corporation announced today that it has selected St. James Parish, Louisiana, for the construction of a planned $750 million iron making facility, subject to receipt of all requisite environmental permits. The new facility will be owned and operated by Nucor Steel Louisiana, LLC, a wholly-owned indirect subsidiary of Nucor.

The announcement today by Nucor, the Jindal Administration and the Louisiana Economic Development is a major economic development plum for the state as Nucor evaluated multiple sites both in the U.S. and abroad.

 

According to Nucor press release, "The St. James Parish site was selected for many reasons, including a very capable work force and the commitment of state and local officials to this project. State and local officials have strongly supported the project, as reflected by both the State's tireless efforts to attract Nucor and the enthusiastic reception by the people of St. James Parish."

This project will create a substantial number of quality jobs and it will stimulate the Louisiana economy. The project's first phase will require a $750 million investment and directly create 500 jobs during peak construction. One hundred and fifty permanent Nucor jobs will be created, earning an average annual salary of $75,000, plus benefits; roughly twice the area's median household income. If the additional phases are built, over time Nucor could invest over $3 billion total at the site and increase permanent employment to more than 1,000.

"This facility will create good jobs for American workers and, at the same time, it will help Nucor achieve our long-term goal of increasing control over our raw materials supply," said Nucor Chairman and CEO Daniel R. DiMicco.

Governor Bobby Jindal said, "This is a huge win for our state and will ultimately be one of the largest industrial projects in Louisiana history. Nucor's decision to come to Louisiana instead of anywhere else in the nation or the world is not just a tremendous victory for Louisianians, but it also sends a signal far and wide that Louisiana is the best place for businesses to locate, grow and succeed."

"This definitely is a great day for St. James Parish and our entire state!  Nucor will break ground on the first phase of the five-phase project as soon as it completes environmental permitting, which we currently expect will be early 2011, Stephen Moret, the Secretary of Louisiana Economic Development" said to Bayoubuzz, by email.  "It is possible they will begin site preparation activities even sooner."

The 2,500,000 tons-per-year iron making facility will use direct reduction technology to convert natural gas and iron ore pellets into high quality direct reduced iron ("DRI") used by Nucor's steel mills, along with recycled scrap, in producing numerous high quality steel products such as sheet, plate and special bar quality steel. The DRI facility is the first phase of a multi-phase plan that may include an additional DRI facility, coke plant, blast furnace, pellet plant and steel mill.

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