CHARLOTTE, N.C., Sept. 20, 2021 /PRNewswire/ — Nucor Corporation (NYSE: NUE) announced today that its board of directors has approved the construction of a new state-of-the-art, three-million-ton sheet mill. Nucor is evaluating locations in Ohio, Pennsylvania, and West Virginia. The new mill will be geographically situated to serve customers in the Midwest and Northeast markets and will have a significantly lower carbon footprint than nearby competitors.
“This greenfield sheet mill complements Nucor’s existing operations, allowing us to more effectively service customers in the region, and grow our core business, while creating substantial value for our shareholders. Consistent with Nucor’s long-established strategy for profitable growth, this expansion of our product capabilities will enable us to provide a superior value proposition to our customers,” said Leon Topalian, President & Chief Executive Officer of Nucor Corporation. “This mill will allow us to competitively meet the growing need that many of our customers, particularly in the automotive market, have for high quality steel with a lower carbon footprint.”
The new sheet mill is expected to cost approximately $2.7B and have the capacity to produce three million tons of steel annually. The mill will be able to produce hot-rolled sheet products with downstream processing including a tandem cold mill, annealing capabilities and initially two galvanizing lines. Galvanizing capabilities will include an advanced high-end automotive line with full inspection capabilities as well as a construction-grade line. Once state and local incentives, permitting and other regulatory approvals are received, construction is expected to take two years.
“The green and digital economy is being built with steel, and Nucor, as one of the cleanest steel makers in the world, is poised to be able to meet these unique opportunities,” concluded Topalian.
In conjunction with this release, you are invited to join a conference call today at 8:30 a.m. EST with host Leon Topalian, Nucor’s President and Chief Executive Officer at https://www.webcaster4.com/Webcast/Page/913/42947. A slide presentation will accompany the prepared remarks and will be available at www.Nucor.com/Investors under Investor Events prior to the call.
Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel — in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel racking; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; insulated metal panels; steel grating; and wire and wire mesh. Nucor, through The David J. Joseph Company, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America’s largest recycler.
Certain statements contained in this news release are “forward-looking statements” that involve risks and uncertainties. The words “anticipate,” “believe,” “expect,” “intend,” “project,” “may,” “will,” “should,” “could” and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company’s best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this news release. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to prevailing market steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) the availability and cost of electricity and natural gas, which could negatively affect our cost of steel production or result in a delay or cancellation of existing or future drilling within our natural gas drilling programs; (5) critical equipment failures and business interruptions; (6) market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the United States; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long-lived assets; (8) uncertainties surrounding the global economy, including excess world capacity for steel production; (9) fluctuations in currency conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; and (14) the impact of the COVID-19 pandemic and any variants of the virus. These and other factors are discussed in Nucor’s regulatory filings with the Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of Nucor’s Annual Report on Form 10-K for the year ended December 31, 2020. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them, except as may be required by applicable law.
SOURCE Nucor Corporation
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