Nucor, JFE Steel Form Automotive JV in Mexico
Nucor Corp. is forming a 50-50 joint venture with JFE Steel of Japan to build and operate a plant in central Mexico to supply that country's automotive market. The plant is expected to cost $270 million and have an annual capacity of 400,000 tons of galvanized sheet steel. Nucor and JFE will each supply an equal amount of substrate to be further processed at the new facility. The joint venture positions Nucor with improved geographic reach and expanded product offerings. Operations are expected to begin in the second half of 2019.
In other news, Nucor announced that its Vulcraft/Verco Group will open a new production facility near Hamilton, Ontario, to serve the Central and Eastern Canadian markets. The facility, which will operate as Vulcraft Canada, will produce steel joists, joist girders and decking. Product fabrication is expected to begin later this year. The Vulcraft/Verco Group has 10 facilities in the U.S. and is a leading producer of steel joists and deck.