Steel Dynamics, Inc., the nation's fifth largest producer of carbon steel products, will invest $76 million to expand and upgrade its Pittsboro, Indiana, mill operation, creating approximately 50 new jobs.

The company plans to expand its facility and upgrade equipment in its engineered bar division to increase the mill's capacity to produce special-bar-quality steel bars. With the additional capacity, the Pittsboro facility will be among the largest single-site special-bar-quality facilities in North America and capable of producing 950,000 tons of SBQ bars annually. In 2011, the mill produced 638,000 tons of steel bars.

"Steel Dynamics is a homegrown Indiana company that has achieved huge global success," said Governor Mitch Daniels. "We're beyond happy that Steel Dynamics continues to succeed globally and grow locally in the Hoosier State."

"We are appreciative that Indiana continues to be a state where Steel Dynamics can expand our product offering and increase our productivity while further establishing our future in our Pittsboro home," said Barry Schneider, vice president and general manager of Steel Dynamics' engineered bar products division. "The recent enactment of the right-to-work legislation is further evidence of Indiana's commitment to providing the most competitive business environment possible for global companies like us to grow."

The Indiana Economic Development Corporation offered Steel Dynamics, Inc. up to $600,000 in conditional tax credits based on the company's job creation plans. Hendricks County also supported the project through additional incentives at the request of the Hendricks County Economic Development Partnership.