Nucor To Invest $200 Mln In Steel Mill Modernization Project

(RTTNews) - Nucor Corporation (NUE), a maker of steel and related products, said on Tuesday that it will invest $200 million over a five-year period in mill modernization projects at its Nucor Steel Berkeley division in Huger, South Carolina.

The investment will also include the construction of a new air separation (ASU) unit to supply industrial gases for the mill's steelmaking operations.

Upon the completion of the project, the ASU will be operated by UIG LLC, an arm of Nucor focused on industrial gas supply.

Nucor Steel Berkeley currently receives industrial gases under a long-term supply deal.

This project will allow Nucor through UIG to produce and supply all the gases needed for the steel mill from the new Nucor owned facility.

The State of South Carolina provided the ASU project with a funding by the SC Department of Commerce Coordinating Council for Economic Development, as well as a grant from the state's utility provider, Santee Cooper.

Nucor Steel Berkeley produces up to 3.5 million tons of flat-rolled sheet and structural steel per year.