DAVIDSON COUNTY – Nucor Corporation will invest $310 million in a new facility in Davidson County that is expected to create 180 new jobs in the region, following a deal made with North Carolina’s Economic Investment Committee.
North Carolina Commerce Secretary Machelle Baker Sanders is expected to announce the deal at a press event held in Davidson County this afternoon.
The facility will manufacture rebar, which is in high demand, particularly in the southeast and Mid-Atlantic, according to a state employee who presented the proposal on a conference call held earlier today. Once fully operational, the facility is expected to employ at least 180 people and produce 430 tons of rebar each year.
The state’s Economic Investment Committee approved an incentives package that, if job creation, job retention, and investment targets are met, could be worth approximately $19.3 million.
Other site locations in South Carolina and Virginia were considered by the company, according to a state official.
Nucor jobs, expected impact
Nucor already employs 480 workers at another manufacturing facility elsewhere in the state, and employs 139 workers at the company’s Charlotte headquarters, according to the presentation during the conference call. The twelve affiliates of the company who are operating in the state employ an additional 219 workers, a state official noted.
An economic model used by the North Carolina Department of Commerce estimates that the facility will increase the state’s gross domestic product by $1.2 billion and increase its net state revenue by $29 million.
The company’s careers website currently lists 484 available jobs, with 13 available openings in North Carolina.
The company also announced another purchase earlier this week.
According to a statement, shared earlier this week, the company acquired steel racking manufacturer Elite Storage Solutions for $75 million, which the company said would expand steel racking capabilities and expand the impact from the acquisition of Hannibal Industries in 2021.
This is a developing story and will be updated.