CHARLOTTE, N.C.,
Feb. 21,
2024 /PRNewswire/ -- Nucor Corporation (NYSE:
NUE) announced today that the company's Board of Directors approved
$860 million to construct a
650,000-tons-per-year rebar micro mill in the Pacific Northwest.
This will be Nucor's fourth and largest rebar micro mill, with
approximately 50 percent more production capacity than the mill
currently under construction in North
Carolina. Nucor continues to evaluate potential locations,
and the project is expected to take two years to construct, subject
to regulatory approvals.
"The rebar we produce at our Nucor micro mills is made from
nearly 100 percent recycled scrap, making it some of the cleanest
steel made anywhere in the world," said Leon Topalian, Chair, President and Chief
Executive Officer of Nucor. "This new rebar micro mill in the
Pacific Northwest will help Nucor maintain its leadership in the
steel bar market and further execute our strategy to better serve
our customers west of the Rocky Mountains, which also includes the
addition of a melt shop at our Arizona bar mill."
The new mill will produce a full range of rebar sizes and will
have spooling capabilities. Rebar is used primarily in the
construction of roads, buildings, and other structures. With the
increase in U.S. infrastructure investments, the domestic rebar
market is expected to show continued strength.
Nucor currently has 15 bar mills strategically located across
the United States that manufacture
a broad range of steel products, including concrete reinforcing
bars, hot-rolled bars, rounds, light shapes, structural angles,
channels, wire rod and highway products in carbon and alloy steels.
Four of the bar mills have a significant focus on manufacturing
special bar quality (SBQ) and wire rod products. Steel produced by
Nucor bar mills serves numerous end markets, including the
agricultural, automotive, construction, energy, furniture,
machinery, metal building, railroad, recreational equipment,
shipbuilding, heavy truck and trailer market segments. Nucor's bar
mill capacity as of December 31,
2023, is approximately 9.6 million tons per year.
About Nucor
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; overhead
doors; steel grating; wire and wire mesh; and utility structures.
Nucor, through The David J. Joseph Company and its affiliates, 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.
Forward-Looking Statements
Certain statements
contained in this news release are "forward-looking statements"
that involve risks and uncertainties which we expect will or may
occur in the future and may impact our business, financial
condition and results of operations. 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 general market conditions, and in
particular, 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 and volatility surrounding the global economy,
including excess world capacity for steel production, inflation and
interest rate changes; (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; (14) our ability to integrate businesses we
acquire; and (15) the impact of the COVID-19 pandemic, any variants
of the virus, and any other similar pandemic or public health
situation. These and other factors are discussed in Nucor's
regulatory filings with the United States 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, 2022. 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.
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SOURCE Nucor Corporation