(The Center Square) – The nation’s largest steel producer broke ground on a nearly $2 million facility that significantly expands its presence in Kentucky, Gov. Andy Beshear announced.
Nucor Corp., which announced plans for $1.7 billion Meade County manufacturing mill last year during the term of Republican Gov. Matt Bevin, also recently completed the first phase of an $826 million expansion project at its mill in Ghent.
“Nucor Steel Brandenburg will be a difference-maker for its employees, their families and the economy of Meade County and the surrounding region,” Beshear said. “Nucor already stands as a major employer in the commonwealth, and its continued growth helps build a brighter and better Kentucky for our families.”
Nucor executives said the average annual salary over the expected 400 full-time jobs will be $72,000. Also, executives expected to create an average of 960 temporary construction jobs, peaking at 1,500. The facility is expected to open in 2022.
In March, the Kentucky Economic Development Finance Authority approved a 15-year incentive agreement, which could provide up to $30 million in tax incentives based on a $1.36 billion investment and the creation and maintenance of 400 Kentucky-resident, full-time jobs that pay $45 per hour including benefits across the 15 years
Another $10 million incentives can come from recouping sales and use tax.
Nucor, headquartered in Charlotte, North Carolina, is North America’s largest recycler and the nation’s largest steel and steel products producer. The company employs more than 26,000 people at more than 300 facilities, primarily located in North America.
In Kentucky, Nucor employs about 200 people at facilities in Ghent, Louisville, Harris Rebar and owns half of Steel Technologies. It also owns the David J. Joseph Co., which has multiple recycling facilities across the state.
“We have long awaited the right opportunity to build Meade County’s industrial presence, and Nucor with its plans for long-term growth is that opportunity,” David Pace, chairman of the Meade County-Brandenburg Industrial Development Authority, said. “We could not be more excited about what the future holds, and I look forward to working with Nucor well into the future.”