CHARLOTTE, N.C., Jan. 7, 2019 /PRNewswire/ -- Nucor
Corporation (NYSE: NUE) today announced plans to build a
state-of-the-art plate mill in the U.S. Midwest. Nucor's Board of
Directors has approved an investment of $1.35 billion to build the mill, which is
expected to be fully operational in 2022 and will be capable of
producing 1.2 million tons per year of steel plate products. The
project is expected to create approximately 400 full-time
jobs.
"This investment is consistent with our drive to continue
delivering sustainable, profitable growth and superior returns for
shareholders," said John Ferriola,
Chairman, CEO & President of Nucor. "Together with the
significant share repurchases completed in 2018, the Board's
decision to fund this high-return opportunity demonstrates our
commitment to balanced capital allocation. We have a strong
foundation to build upon as we advance our goal of leading in every
market in which we compete."
Leon Topalian, Executive Vice
President of Beam and Plate products, said, "By building this
state-of-the-art plate mill in the Midwest – the largest
plate-consuming area in the United
States – we will enhance our ability to serve our customers
in the region while also furthering our goal of meeting all the
steel needs of our customers around the country. We expect to
select a site for the new mill early this year. Our team is
poised and ready to take the next step in advancing our position in
steel plate products."
The new plate mill will produce cut-to-length, coiled,
heat-treated, and discrete plate ranging from 60 to 160 inches
wide, and in gauges from 3/16 of an inch to 14 inches in thickness;
enabling Nucor to supply plate products that the Company does not
currently offer. Nucor currently operates plate mills in
North Carolina, Alabama and Texas.
"This administration is taking the decisive and meaningful
actions that American manufacturers need to compete on a level
playing field," Ferriola said. "Tax reform, continued improvements
to our regulatory approach and strong trade enforcement are giving
businesses like ours the confidence to make long-term capital
investments here in the U.S. that create jobs and ensure our
success for decades to come."
Investor Conference Call and Webcast
The Nucor
management team will discuss this announcement later this morning
(January 7, 2019) at 9:00 AM eastern time. The webcast will be
available at www.nucor.com/investor/events and
https://www.webcaster4.com/Webcast/Page/913/28819.
About Nucor
Nucor and its affiliates are manufacturers
of steel and 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 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. 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