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Nucor Postpones Decision on US$3.4B Louisiana Steel Works
01/08/2016 - The future of Nucor Corp.’s proposed US$3.4-billion Louisiana steel works is in question after the company left US$130 million in state economic incentives sitting on the table, reports The (New Orleans) Times-Picayune newspaper.
According to the newspaper, the U.S.-based steelmaker let pass a 31 December deadline to approve the project, an action that was necessary to claim the incentives.
Nucor spokeswoman Katherine Miller told The Times-Picayune that the company has not made any final decision the project.
"Given the challenging conditions in the global steel market, we continue to assess our options and evaluate the best long-term opportunities for our company, teammates and shareholders," Miller said.
In a statement to the newspaper, Louisiana Economic Development, the state’s economic development agency, said the state remains in talks with Nucor about "a potential future investment in Louisiana."
In 2010, Nucor executives and state officials announced that Nucor had selected St. James Parish in Louisiana as the home of its steel works, which was to be built in phases. Plans included two direct reduced iron plants, a blast furnace and associated coke ovens, a pellet plant and a steel mill.
Nucor built one of the DRI plants, and it was put into service at the end of 2013. That plant, estimated to cost US$750 million, is capable of producing 2.5 million tons per year.
Nucor spokeswoman Katherine Miller told The Times-Picayune that the company has not made any final decision the project.
"Given the challenging conditions in the global steel market, we continue to assess our options and evaluate the best long-term opportunities for our company, teammates and shareholders," Miller said.
In a statement to the newspaper, Louisiana Economic Development, the state’s economic development agency, said the state remains in talks with Nucor about "a potential future investment in Louisiana."
In 2010, Nucor executives and state officials announced that Nucor had selected St. James Parish in Louisiana as the home of its steel works, which was to be built in phases. Plans included two direct reduced iron plants, a blast furnace and associated coke ovens, a pellet plant and a steel mill.
Nucor built one of the DRI plants, and it was put into service at the end of 2013. That plant, estimated to cost US$750 million, is capable of producing 2.5 million tons per year.
