Nucor’s SC Steel Plant Still Vied For $ 300 Million Expansion | Business
At the start of 2020, the steel industry giant Nucor Society. was set to announce a $ 300 million expansion that would add 50 jobs to one of its flat-rolled sheet plants – and the Huger plant along the Cooper River in Berkeley County was a competitor leading.
Then the coronavirus pandemic swept across the United States. put all of Nucor’s plans on hold.
The Huger factory is still in the running for expansion, but Mike Lee, the vice president and general manager of the plant, said it could be some time before the company determines whether the work is taking place in Berkeley County or elsewhere in the country.
“With COVID and everything that has happened, we are trying to figure out what the industry will be like once we get out of it,” Lee told members of the Berkeley Chamber of Commerce at a breakfast on September 30 in North Charleston.
The steel industry is doing quite well so far. Lee said prices and demand are at historic highs, with all of Nucor’s customers showing growth despite the pandemic. The Huger plant will produce about 3.8 million tonnes of steel this year, of which nearly 75 percent is flat-rolled sheet, with structural beams making up the rest.
“The US steel industry is back in force in 2021 after being hit hard by the pandemic last year, thanks to a strong recovery in domestic demand and rising steel prices,” according to a report of Zacks investment research declared.
The proposed expansion would add a galvanized steel line to one of Nucor’s plants. The line would put a zinc coating on the sheet metal to protect against corrosion and extend the life of the product. This is important to some of Nucor’s major buyers, such as the automotive and construction industries.
If the line were to be added to Nucor Berkeley, it would double the plant’s galvanized steel production to around 1 million tonnes per year.
Lee said Charlotte-based Nucor is still investigating where the additional line would best serve its customers. In addition to Huger, the steelmaker has sheet metal plants in Indiana, Arkansas, Alabama and Kentucky.
âShould it be in the Midwest or the Southeast? All of those things are part of the discussion,â said Lee, who replaced GIF Daughtridge when he moved to Nucor’s head office in Queen City.
The proximity to South Carolina’s auto industry could give Nucor’s local steelmaking campus an edge. Nucor is already a supplier of Bmw in Spartanburg County and is doing everything possible to be on the list of suppliers of Volvo Cars, a neighbor in Berkeley County who is building S60 sedans near Ridgeville.
âIt’s a big project,â Lee said of the expansion. “I think that makes a lot of sense for the South East.”
If that happens to Huger, local officials will be ready. Berkeley County Council last year tax breaks were approved for the expansion – which was codenamed Kettle Project – just in case Nucor pulls the trigger.
Nucor announced its Huger plant in 1995 and the site has seen several improvements since then, including a $ 135 million expansion in 2013 that allowed it to produce thinner, wider and better varieties of steel. . Today, about 975 people work at the plant, which has a no-layoff policy and jobs that make about $ 100,000 a year.
More specification space
Based in Charlotte SunCap Real Estate Group is preparing to start construction of its second speculative industrial building in Palmetto Shopping Center project in North Charleston – a 245,000 square foot site scheduled for completion in June 2022.
The multi-tenant building is designed to accommodate businesses requiring 22,000 square feet or more. Its construction follows the completion of a 160,000 square foot building fully leased to five tenants.
The Charleston office of the commercial real estate giant CBRE inc. is responsible for the marketing of the new building. Bob Barrineau, Senior Vice President of CBRE, said the building “sits in one of the region’s busiest industrial parks with a well-rounded tenant roster comprising automotive, aerospace, logistics and cold storage “.
The project is in Palmetto Shopping Park, a sprawling industrial campus along the Interstate 26 corridor that houses Mercedes-Benz Vans, Boeing, Cummins Turbo Technologies and other manufacturers.
A CBRE report shows that the Charleston area filled 1.2 million square feet of new industrial space in the second quarter of this year, bringing the total to 1.5 million square feet in the first half of 2021. The level vacancy at these industrial sites is at a record high. low by 3 percent, the group said, but that should be mitigated by the more than 6.1 million square feet under construction.
Volvo Cars – which builds its S60 sedan on a $ 1.2 billion campus in Ridgeville – has a new logo that’s surprisingly similar to its old logo.
The Car Buzz The website was among the first to notice the “cooler, sleeker, still very Volvo” logo that went into effect at the end of September. The new look was not announced by a press release as automakers like DG and Kia issued when introducing their new nameplates. It’s just started showing up on Volvo’s social media accounts, but not yet on an automobile.
âVolvo is just slapping him up there, offering no explanation,â Car Buzz said. “This is how you do minimalism, folks.”
According to Car Buzz: The circle around the Volvo name has lost weight and the arrow is no longer connected to it. The blue background behind the Volvo lettering has disappeared and the letters are now black instead of white.
The Volvo plant off Interstate 26 in Berkeley County, which employs approximately 1,500 workers, will also build a new battery-powered vehicle for its The polar star high performance electrified spin-off starting next year. And in 2023, it will start building a next-gen version of the XC90 SUV, which will have a new name that has yet to be announced.
Polestar – like Volvo, a brand owned by Geely Holding Group – recently announced its decision to go public with the company in a deal that values ââthe automaker at around $ 20 billion. From next year, Polestar will be listed on the Nasdaq Stock Exchange under the ticker symbol “PSNY. “