CHARLOTTE, N.C., May 11, 2018 /PRNewswire/ -- Nucor
Corporation's (NYSE: NUE) Board of Directors approved the
construction of a galvanizing line at the company's sheet mill in
Arkansas to support Nucor's growth
into a wider and more diverse set of strategic end-market
applications. The new galvanizing line is a $240 million investment with an annual capacity
of approximately 500,000 tons. It is expected to be operational in
the first half of 2021.
This project complements the $230
million investment currently underway to construct a
specialty cold mill complex at Nucor Steel Arkansas. These projects
are important components of Nucor's long-term strategy for
profitable growth and will accelerate the company's goal of
increasing its automotive market share.
"At Nucor Steel Arkansas, we are building one of the most modern
and efficient steel mills in the world," said John Ferriola, Chairman, CEO & President of
Nucor. "This new galvanizing line, coupled with our new specialty
cold mill complex, will allow us to efficiently produce products
beyond the capability of any North American mill, and to have the
flexibility to meet current and future demand for advanced
high-strength steel products."
The company is also evaluating building additional galvanizing
lines at its other sheet mills as part of Nucor's initiative to
further expand its sheet business.
"Building this galvanizing line will diversify the product mix
at Nucor Steel Arkansas and allow us to better serve our automotive
and value-added customers," said MaryEmily Slate, Vice President
and General Manager, Nucor Steel Arkansas. "We are positioning
ourselves to become a major supplier to the growing galvanized
market in the U.S."
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; hollow structural section tubing;
electrical conduit; 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)
U.S. and foreign trade policies affecting steel imports or exports;
(3) 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; (4) market demand for steel
products; and (5) 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 2017 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