Nucor to modernize sheet metal mill in Indiana
CHARLOTTE, North Carolina, February 1, 2022 /PRNewswire/ — Nucor Corporation (NYSE: NUE) today announced that its Board of Directors has approved a $290 million investments to expand the capabilities of the products of its Crawfordville, Indiana sheet steel plant by adding a construction grade continuous galvanizing line and a pre-painting line. This investment will create 80 jobs and is expected to take two years to complete pending permitting, regulatory approvals, allocation of state and local incentives and other tax considerations.
“Investing in Nucor Steel Indiana will allow us to increase our profitability in the Midwest construction region and expand Nucor’s prepaint footprint,” said Rex Query, Executive Vice President of Sheet and Tubular Products for Nucor Corporation. “This investment is part of our strategy to grow our core steel businesses and expand our portfolio of value-added products.”
The construction grade continuous galvanizing line will have a capacity of 300,000 tons per year while the prepainting line will have an annual capacity of 250,000 tons per year. This investment further expands Nucor’s existing galvanizing and prepainting capabilities, which include newly added continuous galvanizing lines at its plate mills in Arkansas and Kentuckyand the acquisition of a prepaint line at its Arkansas sheet rolling mill. Nucor Steel Indiana employs approximately 770 teammates.
Nucor Steel Indiana was Nucor’s first plate steel plant and began operations in 1989. Crawfordville is the plant where Nucor pioneered electric arc furnace (EAF) thin slab casting. Since that breakthrough, Nucor has continued to invest in advanced sheet steel products and technologies. Nucor operates five strategically located plate mills using thin slab casting machines and recently announced the addition of a sixth plate mill, a majority-owned joint venture in California. These mills produce flat-rolled steel for automotive, appliance, construction, pipe and tubing, and many other industrial and consumer applications. In September 2021Nucor announced plans to build a seventh plate mill, a state-of-the-art, three million ton capacity facility to be located in Mason County, West Virginiato serve the nation’s largest steel-consuming regions, the Midwest and Northeast.
Nucor and its subsidiaries are manufacturers of steel and steel products, with operating facilities in United States, Canada and Mexico. Products manufactured include: carbon and alloy steel –– in bars, beams, plates and plates; hollow structural section tubes; Electrical conduit; steel shelving; steel pilings; steel beams and joists; steel bridge; fabricated concrete reinforcing steel; cold finished steel; investment castings; steel fasteners; metal building systems; insulating metal panels; steel grating; and wire and wire mesh. Nucor, through The David J. Joseph Company, also trades ferrous and non-ferrous metals, pig iron and hot briquetted iron/direct reduced iron; provides ferroalloys; and processes ferrous and non-ferrous scrap. Nucor is North America biggest recycler.
Certain statements contained in this press release are “forward-looking statements” that involve risks and uncertainties. The words “anticipate”, “believe”, “expect”, “intend”, “plan”, “may”, “will”, “should”, “could” and similar expressions are intended to identify these 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 were reasonable at the time they were made, there can be no assurance that future events will not affect the accuracy of these forward-looking statements. information search. As such, forward-looking statements are not guarantees of future performance, and actual results may differ materially from the projected results and expectations discussed in this press release. Factors that could cause the Company’s actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) US and foreign trade policies affecting imports or exports of steel; (3) the sensitivity of the results of our operations to prevailing market prices for steel and to changes in the supply and cost of raw materials, including pig iron, iron ore and scrap; (4) the availability and cost of electricity and natural gas, which could adversely affect our steel production costs or cause the delay or cancellation of existing or future drilling in our programs natural gas drilling; (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 non-residential construction activity in United States; (7) impairment of the recorded value of inventory, equity investments, fixed assets, goodwill or other long-lived assets; (8) uncertainties surrounding the global economy, including excess global steelmaking capacity; (9) fluctuations in currency conversion rates; (10) material changes in governmental laws or regulations affecting environmental compliance, including laws and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and our operating costs or result in the revocation of one or more of our licenses or make it more difficult to obtain license amendments; (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 “Element 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 press release speak only as of this date, and Nucor undertakes no obligation to update them, except as required by applicable law.
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