According to foreign media, U.S. steel producer Newco said on Monday that it would invest $1.35 billion to build a medium and heavy steel plate rolling mill in the Midwest of the United States to make full use of federal tax cuts to make a big profit for the company.
The Trump Administration began imposing a 25% tariff on imported steel in March last year, which boosted domestic steel prices and filled the pockets of major U.S. steel companies, including Newco.
Newco announced that the new steel mill is expected to be fully operational in 2022, with annual production of 1.2 million tons of steel plate, and will provide about 400 full-time jobs.
"Tax reform, continued improvements in regulation and strong trade regulations have boosted our confidence in long-term capital investments in the United States," said John Ferriola, president of Newcastle.
Newco currently has steel plate rolling mills in North Carolina, Alabama and Texas.
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