Tuesday, September 20, 2016

Nucor announces Mississippi County expansion; new mill and 100 jobs

Posted By on Tue, Sep 20, 2016 at 4:24 PM

click to enlarge NUCOR STEEL: More to come.
  • NUCOR STEEL: More to come.
Nucor Corp. says it will build a $230 million cold mill addition to its Nucor Steel Division in Mississippi County.

It will take two years to build the mill.

A Nucor release said mill would allow Nucor to make new products. The Arkansas plant will have transportation advantages over competitors outside the region, including serving a growing Mexican market.

Nucor, which already employs 650, said it will add roughly 100 jobs at an average pay of $80,000.

Gov. Asa Hutchinson lauded the company and thanked it for continuing to invest in Arkansas.

There's a bit of irony. Nucor fought the huge state handouts in the form of a bond issue, state teacher money investment and other incentives that put a competitor, Big River Steel, in business in Mississippi County. Nucor got a relative pittance comparatively for its startup in Arkansas. It sued to stop the air permits for Big River, a case finally dismissed on appeal in June.

Yes, Nucor gets financial incentives from Arkansas taxpayers:

InvestArk - a sales and use tax credit program available to businesses established in Arkansas for two years or longer that invest five million dollars ($5,000,000) or more at a single location in plant or equipment for new construction, expansion or modernization. A credit against the business’ state direct-pay sales and use tax liability, equal to one-half percent (1/2%) above the state sales and use tax rate in effect at the time of application, is earned based on the total eligible project cost. Currently, the percentage that may be earned as credit is 7% of eligible project expenditures.

Recycling Tax Credit - Arkansas allows taxpayers to receive an income tax credit for the purchase of equipment used exclusively for reduction, reuse or recycling of solid waste material for commercial purposes, whether or not for profit, and the cost of installation of such equipment by outside contractors. The amount of the tax credit shall equal 30% of the cost of equipment and installation costs deemed eligible by the Arkansas Department of Environmental Quality. Credits may be carried forward for three consecutive years following the taxable year in which the credits accrued.

Advantage Arkansas - provides a state income tax credit of four percent of total payroll

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