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1985 FIN – Nucor to Build $25 Million Fastener Plant in Indiana

May 22
00:00 2009

1985 FIN – Nucor to Build $25 Million Fastener Plant in Indiana

September 17, 1985 FIN – Nucor Corp, Charlotte, North Carolina, the leading profit maker in the U.S steel sector, has announced that it will build a $25 million facility in St. Joe, Indiana to produce steel fasteners.
Construction will begin immediately and an annual production of 40,000 tons of fasteners (including standard hex head cap screws, hex bolts and socket head cap screws) will come onstream early in 1987. In a recent interview with American Metal Market (September 13, 1985 FIN, page 1), F. Kenneth Iverson, chairman and chief executive officer of Nucor Corp., said that the new facility will be able to compete with domestic and foreign producers of fasteners because the plant will be highly automated, using high speed bolt makers supplied by domestic equipment makers.
Iverson also said he expects each of the plant’s approximately 150 employees to generate $250,000 in product per year. In producing fasteners Nucor will have access to a captive source of raw material in the form of coiled rounds from both its mini-mill in Norfolk, Nebraska and the new Darlington, South Carolina mill.
The Darlington mill, incidentally has plan to retrofit one of its existing electronic furnaces to Intersteel’s Consteel (Continuous Steelmaking) Process which supposedly produces not only an increase in steel quality and productivity but can decrease production cost by $15 to $25 a short ton. Based on Nucor’s success under Iverson in making money in steel while his domestic competitors were awash in red ink, it appears that a dynamic new force has entered this country’s fastener field. ©1985/2009 Fastener Industry News
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