Nucor Corp. is considering a $300 million expansion of its Berkeley County steel operations as part of a multi-billion dollar capital spending plan company-wide over the coming two years.

Berkeley County Council's Finance Committee gave initial approval this week to tax breaks for the expansion, which had gone by the code name Project Kettle.

Under the agreement, Nucor's property tax rate would be reduced to 6 percent from the standard 10.5 percent industrial rate. Additionally, the company would get a refund of roughly one-third of its those tax payments.

About $40 million will be spent on property and building construction, with another $260 million spent on equipment, according to county documents.

The project would create at least 50 full-time jobs within a five-year period.

It's not clear what type of work will be performed at the expansion site. Giff Daughtridge, vice president and general manager of Nucor Steel-Berkeley County, did not immediately respond to a request for comments.

A Nucor spokeswoman said the deal has not been finalized.

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“Nucor has been considering a $300 million expansion project at our Berkeley County mill, along with two other Nucor locations,” said Katherine Miller. “Several factors are still being examined before a final decision is made.”

County officials did not provide specifics about the project during a meeting this week.

"This is great news for Berkeley County," said councilman Josh Whitley, chairman of the finance committee. "We've been briefed extensively on this and it's a good thing."

Leon Topalian, Nucor's new president and CEO, said during a conference call with analysts last month that the company plans to spend $3.5 billion on new projects over the next two years "focused on Nucor's goal of being the supplier of choice, both today and tomorrow."

Topalian did not specifically mention the Berkeley County plant during the conference call.

Nucor, the largest steel producer in the U.S., reported net earnings of $1.27 billion in 2019, down from $2.36 billion the previous year. Net sales decreased 10 percent to $22.59 billion.

Nucor expanded to the Huger area in 1995, producing flat-rolled steel used in a avariet of products and steel beams used for construction. The plant has seen several upgrades, including a $135 million expansion in 2013 that allowed it to churn out thinner, wider and higher-grade varieties of steel.