Nucor set to acquire painted-steel plant
Nucor Corp. announced Wednesday that it is acquiring a paint-line facility in Mississippi County as part of the steel producer's strategy to streamline its procurement process.
Precoat Metals Corp.'s paint-line facility, in Armorel and near Nucor Steel Arkansas' sheet mill campus, has a capacity of 250,000 tons per year, according to a news release.
Nucor said it considered building its own paint line facility before opting to acquire Precoat Metals' operation in an asset purchase agreement. No price was disclosed.
"Becoming a direct supplier of pre-painted sheet products is part of the execution of our long-term strategy of adding value for our customers by streamlining their procurement process," said Troy Brooks, Nucor Steel Arkansas' vice president and general manager. "Purchasing this paint line has several advantages over building a new facility, including greatly accelerating Nucor's entrance into the painted products market with existing capacity and an experienced team."
Nucor Steel Arkansas, which opened in 1992, can produce more than 2.6 million tons of hot-rolled sheet steel annually for automotive, appliance, construction, pipe and tube and many other applications.
-- Noel Oman
WeWork unit hosts NW expansion event
WeWork Labs, a program for early-stage startups and small businesses, is hosting an event today for its Northwest Arkansas expansion.
The event is described as a "socially distanced launch" and open house that can be streamed live on Zoom. It will be held at the historic Massey building in downtown Bentonville, a news release said.
WeWork Labs is a subsidiary of the co-working real estate company WeWork, which has been tied to a 200,000 square-foot development at 224 S. Main St., just off the Bentonville square.
The subsidiary said that it currently supports more than 2,300 startups across 200 industries and works closely with industry leaders to help these companies grow.
The WeWork Labs NWA hybrid virtual and in-person event is scheduled to have a panel of speakers, breakout sessions and an open house from 4 to 9 p.m. at 125 W. Central Ave., Suite 200. It is open to the public but capacity is limited by social-distancing requirements.
Registration is available at weworklabsnwa.splashthat.com.
-- Nathan Owens
12.01 plunge sends index to 415.46 end
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Wednesday at 415.46, down 12.01.
"The S&P 500 index posted a 3.53% loss on Wednesday as all sectors closed lower following the announcement of additional lockdowns in France and Germany to slow the spread of the coronavirus combined with a reduction of risk assets ahead of the U.S. elections scheduled for next Tuesday," said Leon Lants, managing director at Stephens Inc.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.