The NSCI will be closing March of 2021.
The Nippon Steel & Sumikin Cold Heading Wire Indiana Inc.’s (NSCI) sales have not reached the level that the company planned. According to Keita Maruishi, vice president of and chief financial officer, shareholders could not endure the increasing debt.
The company started producing cold heading quality wire in January 2018. The wire was primarily for use in the auto industry. NSCI is a wholly-owned subsidiary of Japan’s largest steel producer, Nippon Steel & Sumitomo Metal Corporation (NSSMC). NSSMC invested $50 million dollars for the 150,000 square-foot NSCI plant.
Maruishi said that the pandemic caused sales to decrease sharply due to customers adjusting.
“Although it is getting better now, NSCI’s forecasted sales will not be enough to make up for the sales shortage,” he said.
NSCI has 53 employees who will be affected by the factory closing. Maurishi said the factory will continue our operations as long as they can.
“We hope that our employees will stay as long as they can,” he said.
The closing was unexpected. The company had planned to be in Shelbyville much longer than three years. They are aiming to choose an amicable closing.
“We want to say ‘Thank You’ to this Shelbyville community and all the people involved helping NSCI from the company startup in 2016 until now,” Mauishi said.