U.S. steelmaker Nucor said Monday it will spend $1.35 billion to build a steel production facility in the Midwest, creating approximately 400 full-time jobs.

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The plate mill is expected to begin production in 2022 and be capable of producing 1.2 million tons of plate products per year, said Nucor, which operates plants in North Carolina, Alabama and Texas.

The mill will produce cut-to-length, coiled, heat-treated and discrete plates ranging from 60 to 160 inches wide, and in various gauges.

"Tax reform, continued improvements to our regulatory approach and strong trade enforcement are giving businesses like ours the confidence to make long-term capital investments here in the United States," CEO John Ferriola said in a statement.

Nucor said it expects to select a site early this year.

“By building this state-of-the-art plate mill in the Midwest – the largest plate-consuming area in the United States – we will enhance our ability to serve our customers in the region while also furthering our goal of meeting all the steel needs of our customers around the country,” Leon Topalian, a Nucor executive vice president, said in a statement.