Nucor Says Acquisition Of Shelbyville Facility Set To Boost Its Fastener Division

(RTTNews) - Nucor Corporation (NUE), a producer of steel and related products, on Wednesday said it is expanding its Nucor Fastener division with the acquisition of a coil processing facility in Shelbyville, Indiana.

The proposed site includes an automated clean and coat line, 2 STC furnaces and wire drawing capabilities. In addition to coil processing, the company will also be expanding its fastener manufacturing capabilities by installing bolt making equipment at the Shelbyville facility, the North California-headquartered company said.

This new operation is expected to employ approximately 33 team members at the outset with the potential to double those jobs as it reaches full capacity.

Along with recently announced upgrades at the Nebraska engineered bar mill, this new facility is expected to allow Nucor to better service the automotive cold heading quality (CHQ) market and provide customers with the highest quality products.

The Shelbyville facility will also allow the Nucor Engineered Bar group to offer processed coil with superior surface quality for the most demanding automotive CHQ applications, the metal manufacturer added.

"Adding bolt making capability to the Shelbyville facility will help expand our offerings to the automotive, heavy truck, industrial/MRO and structural fastener markets. Nucor Fastener is already a leader in steel fasteners and this expansion will further enhance that position," said Joey Loosle, General Manager of Nucor Fastener. On NYSE, Nucor was closed at $98.70 per share on Tuesday, a rise of 1.98 percent, compared to its previous close of $96.78 per share.