Memphis panel approves tax deal to Nucor for steel mill

MEMPHIS, Tenn. (AP) - A Memphis-area industrial development panel gave preliminary approval yesterday for a $24.7 million tax deferment to Nucor Corporation.

The panel hopes the company will reopen a $230 million steel mill. Nucor operates two major plants near Blytheville, in northeast Arkansas. One of them is in partnership with Japanese steelmaker Yamato.

The Memphis area is competing with at least four other cities for the plant that would employ about 225 workers to mill high-quality carbon and alloy steel for heavy industry.

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