CHARLOTTE, N.C., Sept. 20, 2016 /PRNewswire/ -- Nucor
Corporation (NYSE: NUE) announced that it is adding an additional
cold mill at its Nucor Steel Arkansas division. The specialty cold
mill complex will expand Nucor's capability to produce advanced
high-strength, high-strength low-alloy, and motor lamination steel
products. The mill will cost an estimated $230 million to build and is expected to be
operational in approximately two years.
"This specialty cold mill complex supports our strategy of
moving up the value chain and growing sales to the automotive
market," said John Ferriola,
Chairman, Chief Executive Officer and President of Nucor. "It will
bring value to all of Nucor's sheet mills by expanding our
capability to produce advanced high-strength steels and broadening
the automotive capability of our galvanized lines at Nucor Steel
Decatur and Nucor Steel Berkeley."
Ducker Worldwide estimates that 4 million tons of advanced
high-strength and ultra advanced high-strength steels will be used
for the automotive market by 2025. The specialty cold mill complex
will give Nucor the capability to produce products the company
currently does not make, adding to Nucor's comprehensive product
portfolio and further differentiating Nucor from its competitors as
the leader in providing solutions to its customers. Locating the
cold mill at Nucor's sheet mill in Arkansas will give the company a
transportation advantage over competitors outside the region
currently supplying the local market and the growing Mexican
market.
"We are excited to bring this expansion to Arkansas that will enable us to efficiently
produce products beyond that of any North American mill," said
MaryEmily Slate, Vice President and General Manager of Nucor Steel
Arkansas. "We would like to thank Governor Asa Hutchinson, our local officials and the
entire Blytheville community for
their support of this project."
Nucor Steel Arkansas employs 650 teammates. The addition of the
specialty cold mill complex is expected to add approximately 100
jobs at an estimated average annual salary of $80,000.
Nucor and its affiliates are manufacturers of steel products,
with operating facilities primarily in the U.S. and Canada.
Products produced include: carbon and alloy steel -- in bars,
beams, sheet and plate; steel piling; steel joists and joist
girders; steel deck; fabricated concrete reinforcing steel; cold
finished steel; steel fasteners; metal building systems; steel
grating; and wire and wire mesh. Nucor, through The David J.
Joseph Company, also brokers ferrous and nonferrous metals, pig
iron and HBI/DRI; 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 "believe," "expect," "project,"
"will," "should," "could" and similar expressions are intended to
identify those forward-looking statements. 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 competition from imports and substitute materials; (2)
the sensitivity of the results of our operations to prevailing
steel prices and the changes in the supply and cost of raw
materials, including scrap steel; (3) market demand for steel
products; and (4) energy costs and availability. These and
other factors are discussed in Nucor's regulatory filings with the
Securities and Exchange Commission, including those in Nucor's
fiscal 2015 Annual Report on Form 10-K, Item 1A. Risk
Factors. 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.
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SOURCE Nucor Corporation