This Steelmaker Just Announced its Single Largest Investment Ever
01/31/2017 - U.S-based Charter Steel is investing US$150 million in a new special bar quality mill at its Cuyahoga Heights, Ohio, facility, the company announced on Monday.
In a statement, the company said the mill will give it greater production flexibility and will allow it to break into new markets.
“We see an opportunity here to grow by leveraging a very successful high-service model, coupled with advanced steelmaking, to serve both existing and prospective new customers with an engineered, cut-length bar,” said John W. Mellowes, chief executive of Charter Steel parent Charter Manufacturing Co. Inc.
“That said, we will be forever fastened to our loyal coiled-rod and coiled-bar customers. In fact, as part of this project, we will also be adding new coil finishing assets that will enhance our coil package, our surface quality and the flexibility to roll more sizes more often – coiled or straight,” he added.
The company said the new mill will be highly automated and will produce diameters of between .75 and to 3.25 inches (19 to 83 mm) in lengths of between 12 to 50 feet (3.7 to 15.3m).
Since 2006, the company has invested more than US$250 million in the plant, which produces SBQ coiled-rod and coiled-bar products.
Construction is expected to begin this spring, with start-up scheduled for the second half of 2018. The family-owned company said the project will be its largest single investment in its 81-year history.
“We see an opportunity here to grow by leveraging a very successful high-service model, coupled with advanced steelmaking, to serve both existing and prospective new customers with an engineered, cut-length bar,” said John W. Mellowes, chief executive of Charter Steel parent Charter Manufacturing Co. Inc.
“That said, we will be forever fastened to our loyal coiled-rod and coiled-bar customers. In fact, as part of this project, we will also be adding new coil finishing assets that will enhance our coil package, our surface quality and the flexibility to roll more sizes more often – coiled or straight,” he added.
The company said the new mill will be highly automated and will produce diameters of between .75 and to 3.25 inches (19 to 83 mm) in lengths of between 12 to 50 feet (3.7 to 15.3m).
Since 2006, the company has invested more than US$250 million in the plant, which produces SBQ coiled-rod and coiled-bar products.
Construction is expected to begin this spring, with start-up scheduled for the second half of 2018. The family-owned company said the project will be its largest single investment in its 81-year history.
