Rebar fabricator Pacific Steel has received a $200mn loan for its new southern California rebar micro mill from sustainable infrastructure investment firm Generate Capital.
The loan comes two months after the rebar fabricator won a $350mn judgment in a case against competing rebar producer CMC and Italian steelmaking equipment producer Danieli. Pacific Steel accused CMC and Danieli of conspiring to prevent it from building a mill within 500 miles of CMC's former Rancho Cucamonga, California, site for six years. CMC shut the 830,000 short ton/yr Rancho Cucamonga mill in 2019.
Pacific Steel announced in 2022 that it would spend $350mn to build a 380,000 st/yr electric arc furnace (EAF) rebar micro mill in Mojave, California, that it would begin commissioning in 2026.
