UNITED STATES—Two companies will be expanding and increasing production to create hundreds of new jobs in the United States. Nucor Corporation (NYSE:NUE) announced in a press release on Monday, January 7, their intentions to build a state of the art steel plant.
Nucor is currently looking at locations in the Midwest. This facility is expected to be fully operational with a capacity of 1.2 million tons per year by 2022, and to create over 400 new jobs.
Nucor and its affiliates manufacture steel and steel products, with plate mill plants in Alabama, North Carolina, and Texas.
“This investment is consistent with our drive to continue delivering sustainable, profitable growth and superior returns to shareholders,” said John Ferriola, Chairman, CEO, and President of Nucor. “Together, with the significant share repurchases completed in 2018 the Board’s decision to fund this high-return opportunity demonstrates our commitment to balanced capital allocation. We have a strong foundation to build upon as we advance our goal in leading in every market in which we compete.”
“This administration is taking the decisive and meaningful actions that American manufacturers need to compete on a level playing field,” said Ferriola. “Tax reform and continued improvements to our regulatory approach and strong trade enforcement are giving businesses like ours the confidence to make long-term capital investments here in the U.S. that create jobs and ensure success for decades to come.”
During a press conference on January 1, Mark Fields, CEO of Ford Motor Company announced they will cancel plans to open a new plant in San Luis Potosi, Mexico; shifting the workload for the Ford Focus to an existing plant in Hermosillo, Mexico.
“Our View is that we see a more positive U.S. business environment under President-elect, Trump and the pro-growth policies and proposals he is talking about, so this is a vote of confidence for President-elect Trump and some of the policies they may be pursuing,” said Fields.
The automaker stated its intent to invest $700 million for the expansion of Ford’s Flat Rock, Michigan plant will make a new electric hybrid vehicle and autonomous vehicles.
Fields indicated that union workers at the Flat Rock factory cheered in response to the news of the expansion. Over 700 workers will be hired, the majority taking place in 2020.
President Trump promised to add a 35 percent export tax on companies that chose to take their production and manufacturing outside of the U.S.