CHARLOTTE, N.C. (AP) — Steel maker Nucor Corp. announced Thursday that it will build a $350 million manufacturing plant in North Carolina, which would be its second in the state.

What You Need To Know

  • The rebar micro mill will be built off U.S. Highway 64 in Lexington in Davidson County

  • The project, Nucor's second in North Carolina, was approved to receive a combined $19.3 million in state economic incentives

  • The average yearly salary at the plant would be $99,660, more than double the annual average wage of $45,170 for Davidson County

A news release from the Charlotte-based Nucor said the mill, which will be off U.S. Highway 64 in Lexington in Davidson County, will employ about 200 full-time workers when it opens and create an additional 500 temporary jobs during construction, which is expected to take two years.

The other Nucor plant in North Carolina is in Hertford County.

Nucor describes the plant as a rebar micro mill. Rebar is used primarily in concrete reinforcement for the construction of roads, buildings, bridges and other structures.

On Thursday, the N.C. Economic Investment Committee approved a combined $19.3 million in state economic incentives for the plant, the Winston-Salem Journal reported.

The biggest part of the state incentive package is $12.6 million for a “special tax treatment for recycling,” although it wasn’t known how the company will benefit. Nucor also will receive $3.3 million from state Job Development Investment Grant funding over 12 years, as well as $414,000 from the state’s community college system for job training.

Gov. Roy Cooper said in a statement that the move would boost the domestic supply chain and noted that Nucor is a recycler because it uses scrap steel in its products.

The average annual wage at the Nucor plant would be $99,660, more than double the Davidson County annual average wage of $45,170.

Lexington and Davidson County were competing with Dillon, South Carolina, and Suffolk, Virginia, for the project.