Fort Wayne-based Steel Dynamics Inc. (Nasdaq: STLD) is planning to pump $75 million to expand its operations in Columbia City. The company says the investment in its Structural and Rail Division will make it the largest independent rebar supplier in the region. Plans call for a new rolling mill and 33 jobs, as well as boosting its equipment and infrastructure.
Steel Dynamics says the new facility will boost annual reinforcing bar production to 240,000 tons in multiple sizes and products including coiled, cut-to-length and smooth bars.
Chief Executive Officer Mark Millett calls it "a very capital efficient" investment and expansion and adds "we believe our intended business model could provide meaningful time and yield-loss savings for the customer, while also providing working capital benefits. This project complements the recently announced addition of 200,000 tons of reinforcing bar capacity at our Roanoke Bar Division, which is expected to begin operating at the end of 2017."
The company expects the project to be complete in the fourth quarter of next year.