Commercial Metals Company today announced, as the next phase of its long-term growth strategy, a plan to construct another state-of-the-art micro mill geographically situated to primarily serve the Northeast, Mid-Atlantic, and Mid-Western United States markets. CMC is currently in the site selection process and exploring several suitable options.
In a press release, Barbara R. Smith, Chairman of the Board, President and Chief Executive Officer, said, "The recent enactment of the Infrastructure Investment and Jobs Act should provide an additional tailwind to what was already an attractive expected return on investment for the project. We anticipate the legislation will stimulate substantial incremental demand for construction steel, particularly in the targeted geographies where core infrastructure is among the oldest in the US."
The company said that once the project is completed, it expects that nearly a third of its North American steel output will be produced in a micro mill.
Following receipt of state and local incentives, permitting, and other necessary approvals, the construction of the planned mill is expected to take roughly two years.