Nucor Louisiana Iron Plant Delayed After Storage Dome Collapse
Nucor Corp. (NUE), the largest U.S. steelmaker by market value, delayed the opening of an iron-producing facility under construction in Louisiana until the end of the year after a storage dome collapsed.
The plant, which will be the world’s largest producer of direct-reduced iron, was scheduled to begin production within a few weeks, the Charlotte, North Carolina-based company said in a statement today. There were no injuries and no environmental impacts, the company said. The dome was one of three on the site.
Direct-reduced iron uses natural gas to process iron ore so that it can be used in electric furnaces such as those Nucor uses to produce the metal. The $750 million plant in St. James Parish, Louisiana, is expected to produce 2.5 million tons of DRI a year, Nucor said.
Katherine Miller, a spokeswoman for Nucor, declined to comment on the cause of the collapse.
Nucor slipped 41 cents to $49.08 at 11:33 a.m. in New York. The shares have risen 14 percent this year.
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