At the Roanoke Bar Division in Virginia, scrap steel is melted in electric furnaces and is then cast into billets.
FORT WAYNE -
Fort Wayne-based Steel Dynamics Inc. (Nasdaq: STLD) has announced a $28 million investment in a Virginia operation. The expansion will help boost rolling capacity at its Roanoke Bar Division.
The investment will integrate a new reheating furnace and finishing area into the facility. The company says the current rolling capacity will increase from 500,000 tons per year to 600,000. When complete, rebar production is expected to rise to more than 200,000 tons annually at the facility.
Roanoke Bar Division General Manager Joe Crawford says "with the addition of this equipment which allows for multi-strand slitting and rebar finishing, we expect the added product diversification and our existing highly competitive cost structure to allow us to quickly grow market share. Additionally, we will be one of the largest independent rebar suppliers without our own rebar fabricating business, which we believe will be a positive for our new customer base."
Steel Dynamics says commissioning is expected to start by year's end.