[StBernard] Landrieu, Melancon Welcome Potential Steel Mill to St. James Parish

[Westley Annis]

Landrieu, Melancon Welcome Potential Steel Mill to St. James Parish
Mill would generate $2+billion investment;
500 permanent, high-wage jobs;
2,000 construction jobs.

WASHINGTON - United States Senator Mary L. Landrieu, D-La., and Congressman
Charlie Melancon, D-La., today announced that steel-maker Nucor Corporation
has applied for the necessary permits to build the first U.S. raw materials
mill in 30 years in St. James Parish.

"It is great news for all of Louisiana that Nucor has focused its attention
on our community to build this mill, jumpstarting our economy as we continue
our recovery from the 2005 hurricanes." Sen. Landrieu said. "Nucor is making
a smart decision in seeking to produce raw steel here on U.S. soil. We will
be able to ensure efficient, more environmentally sound production and
stabilize costs as well as quality. The mill will provide American jobs at a
time when so many of our manufacturing jobs have moved overseas, and
producing domestically strengthens our national security in ways already
demonstrated by Louisiana's energy sector.

"Nucor's promised commitment to the St. James Parish school system is also
very welcome news. The company's investment in the future of our youth would
not only be good community, it would also be good for business. With this
base of educated labor supported by generous employee benefits, Nucor is
poised to be a welcome corporate citizen of Louisiana."

"Nucor's huge potential investment in St. James will ring throughout our
Southern Louisiana economy," Rep. Melancon said. "These days it is rare that
a new industrial plant is built from the ground up, so the construction jobs
alone would be a real shot in the arm for the community. I'm very pleased
that Nucor has committed to partner with our schools to help develop the
skills our students will need to face the modern economy."

Pending necessary permit and legislative approvals, the Nucor mill is
expected to generate 500 permanent jobs paying an average of $75,000 a year,
with 70 to 80 percent of workers hired locally. Additional employee benefits
include $3,000 a year for workers' children to go to college, and the
company intends to invest $850,000 annually in the local school board to
enhance workforce education. 

According to Nucor's application, the mill will be built on the banks of the
Mississippi River near Convent, La. It is on the same site that German steel
manufacturer ThyssenKrupp AG considered last year. Nucor worked with former
Governor Kathleen Blanco and Governor Bobby Jindal on its decision to come
to St. James Parish, and would be building on an even bigger footprint than
ThyssenKrupp was planning. The company's plan is to produce raw material
steel known as "pig iron," normally imported from China, Russia or Brazil.
The company also plans to build a port facility at the site to transport the
material to finishing plants nationwide.

Sen. Landrieu and Rep. Melancon have long championed economic investment in
the parish, and are committed to boosting South Louisiana's economic
recovery from the 2005 hurricanes. Sen. Landrieu recently included language
in a Senate-passed housing bill to give Gulf Coast businesses greater
flexibility to take advantage of increased bonus depreciation for
construction of commercial properties and residential rental properties. The
provision means about $308 million in tax benefits to Gulf Coast businesses
and residential development. Both Sen. Landrieu and Rep. Melancon are
working to ensure this language remains in the bill following Senate and
House negotiations.

The Nucor project, as currently envisioned, is expected to generate 2,000
near-term construction jobs and an estimated 2,600 additional jobs in the
community to support the mill and its workers. Nucor also has a mill in
Arkansas, which according to one academic study, created an 8 to 1 "job
ripple effect" in the wider community - for each Nucor worker employed,
eight jobs were born in the local economy. If Nucor moves on to a second
phase of development, the company would invest an additional $1 billion in
the mill, and create another 250 permanent jobs for a total of 750.

Nucor employs 20,000 in 21 states and is on the BusinessWeek 50, which ranks
top performing companies based on the return on investment and sales. It is
headquartered in Charlotte, North Carolina.

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