LOS ANGELES Nucor-Yamato Steel Co. is a step closer to procuring local financing for a planned expansion at its Blytheville, Ark., facility.
The Blytheville City Council passed a resolution April 16 supporting the issuance of municipal bonds to help finance various aspects of a proposed $115-million expansion keyed to produce wide sheet piling, according to Mayor James W. Sanders office.
The city must still pass an ordinance that would create the bonds to be sold to investors. While no date was set for a vote, local sources expect it to take place soon.
There was no indication on the amount of the bond issue, which would be made possible by a state-designated program aimed at promoting industrial expansion.
According to the resolution, the specific improvements that the bond issue would help finance are mill stands, electrical improvements, and an automated roll storage and retrieval system. The project would add 10 to 15 new jobs at Nucor-Yamato, a joint venture between Charlotte, N.C.-based Nucor Corp. and Japans Yamato Kogyo Co. Ltd., according to local media reports.
A Nucor spokeswoman couldnt be reached for comment.