Friday, 04 February 2011 16:04

Nucor steels presence with $8.5 million investment

Decatur Daily
This email address is being protected from spambots. You need JavaScript enabled to view it.

Nucor Steel Decatur plans to add an $8.5 million high-pressure water system to its hot strip mill, the company said Thursday.

The Decatur Industrial Development Board voted unanimously to abate non-educational taxes for the project. The 3,600 pounds-per-square-inch sprayer will remove scaling from sheet steel produced at Nucor’s hot mill, creating a smoother finish.

“This is part of Nucor’s ongoing effort toward more value-added products,” said Chad Potter, Nucor’s division controller. “This continues us down that path, allowing us to serve our customers more effectively.”

The plant improvement will not add new jobs, “but would enhance the security of all jobs on the Nucor site and would help secure the future of Nucor operations in Decatur,” said Barney Lovelace, the attorney for the Industrial Development Board.

Nucor employs 719 workers at its Decatur mills with a combined annual payroll of $54 million.

Over 10 years, the IDB abatement will save Nucor $338,000 in sales and use taxes otherwise payable to Decatur and the state, plus $174,000 in property taxes otherwise payable to the city, county and state.

Nucor estimated the investment will generate $59,000 per year in school taxes over the next 10 years. Decatur City Schools will receive $16,000 per year, with the remainder divided between Morgan County, Hartselle and Decatur school systems.

Additional Info

Read 4006 times Last modified on Friday, 11 March 2011 21:42