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Nucor to create 140 new jobs with new melt shop in Arizona

Shares of Nucor Corp. tacked on 0.4% in premarket trading Wednesday, after the steel maker said it would create 140 new full-time jobs, as it adds a new $100 million melt shop at its bar mill in Kingman, Arizona. The company said the new jobs will pay an average annual wage of about $85,000. Construction of the new melt shop will take about two years, and will have the capacity to produce 600,000 tons a year. “Adding new melt shop capacity will help meet the growing demand for steel bar products in the Western region, which is one of the fastest growing areas in the U.S.,” said Nucor Chief Executive Leon Topalian. The stock has rallied 15.8% year to date through Tuesday, while the SPDR Materials Select Sector ETF has dropped 15.3% and the S&P 500 has lost 14.2%.

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