Nucor Corp. NUE, -4.49% said Monday it plans to spend about $2.7 billion to build a new steel mill that will produce 3 million tons of steel. Nucor said it’ll choose between potential locations in Ohio, Pennsylvania and West Virginia to build the plant, which will serve customers in the Midwest and Northeast markets and have a “significantly lower” carbon footprint than nearby competitors. Nucor president and CEO Leon Topalian said the mill will “allow us to competitively meet the growing need that many of our customers, particularly in the automotive market, have for high quality steel with a lower carbon footprint.” The company did not say how it would staff the new plant or how many workers would be employed there. Shares of Nucor are up 97.2% so far this year, compared to a rise of about 18% for the S&P 500 SPX, -0.91%.
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