AP reported that Nucor Corporation is buying land for a possible pig iron plant in southeast Louisiana, but the company's chief executive officer said that the time frame for moving on the project has been slowed by the recession that has stemmed the demand for steel.

During a conference call with investors, Mr Dan DiMicco CEO of Nucor said that a lawsuit filed against the company's attempt to get state environmental permits probably will take until the end of the year or early 2010 to resolve.

Mr DiMicco said that the company remains in contact with Governor Mr Bobby Jindal's office.

In August 2008, Nucor said that it preferred the Louisiana site. The state has been negotiating a yet to be disclosed incentive package for the company.

It may be noted that Nucor began discussions with state officials about the Convent location in 2007 after German steelmaker ThyssenKrupp turned down the site in favor of a location near Mobile.

(Sourced from Associated Press)