American steel company Nucor Corporation announced that it has invested $40 million to improve production and machinery at its Kankakee steel bar factory. The majority of the investment was focused on developing machinery at the existing facility, using state-of-the-art equipment.
The new production will have a capacity of producing 675,000 tons of bar steel per year, and it is expected that Nucor Corporation's total bar steel production will reach 500,000 tons of commercial quality profiles (MBQ) and $180 million in total US investment by the end of 2019.
In the second quarter of 2019, Nucor Corporation's shipments of bar steel decreased by 15% annually to 2.2 million tons. The decrease in steel bar product shipments caused steel bar shipments to decrease by 10% in the second quarter, to 5.8 million tons.
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