Steel Products Prices North America
NAS Announces $244M Expansion at Kentucky Plant
January 30, 2023
North American Stainless (NAS) has announced a $244-million expansion at its Ghent, Ky., facility.
The stainless steel producer said the expansion will boost its total capacity by 20% to 200,000 tons annually.
The project, which will add 70 new jobs to the plant, was prompted by increased customer demand for stainless products.
“We are proud to lead America’s stainless steel economy, support our national security with our production, and create great jobs for our region,” NAS CEO Cristobal Fuentes said in a statement.
“Our latest expansion will bring more clean, sustainable, and American-made stainless to consumers, and directly compete with the subsidized imports of stainless,” he added.
NAS said the continued importation of subsidized stainless steel—and the accompanying national security threats—made the expansion a priority.
The Ghent-based company said it will build a new cold-rolling mill, add roll grinders, and perform an extensive upgrade of its annealing and pickling lines to support the new rolling mill. It will also add a new temper mill and expand the melt-shop building to include a 400-metric-ton crane.
Kentucky Governor Andy Beshear lauded the project.
“I’m excited to announce more growth in Kentucky’s metals industry with this latest investment from North American Stainless,” he said.
NAS is owned by Acerinox SA, a stainless steel manufacturing conglomerate group based in Madrid, Spain.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Steel Products Prices North America
SMU Price Ranges: Sheet and plate steady ahead of Independence Day
Sheet and plate prices were little changed in the shortened week ahead of Independence Day, according to SMU’s latest check of the market.
Nucor maintains plate prices, opens August order book
Nucor aims to keep plate prices flat again with the opening of its August order book.
Nucor CSP remains level at $900/ton
Nucor maintained its weekly list price for hot-rolled (HR) coil this week, following two consecutive increases.
Cliffs raises prices, seeks $950/ton for July spot HR
Cleveland-Cliffs plans to increase prices for hot-rolled (HR) coil to $950 per short ton (st) with the opening of its July spot order book. The Cleveland-based steelmaker said the price hike was effective immediately in a letter to customers dated Monday.
HRC vs. prime scrap spread widens in June
The price spread between HRC and prime scrap widened in June.