CHARLOTTE, N.C., Jan. 12, 2022 /PRNewswire/ -- Nucor
Corporation (NYSE: NUE) announced today that it will build its new
state-of-the-art sheet mill in Mason
County, West Virginia. The West
Virginia location on the Ohio River provides Nucor with
important transportation and logistics advantages, and a
strengthened ability to serve customers in the Midwest and
Northeast, the two largest sheet consuming regions in the
U.S. When fully operational, the new mill will employ
approximately 800 full-time teammates.
"Following a thorough process to determine the right location
for our state-of-the-art, greenfield sheet mill, we are thrilled to
make this significant investment in West
Virginia and enhance our presence in this important region,"
said Leon Topalian, President and
Chief Executive Officer of Nucor Corporation. "Our new sheet mill
in Mason County will have
unmatched capabilities that will enable the continued expansion of
high-quality, low carbon steels, building on our industry-leading
offerings. We are pleased to create hundreds of new, high-paying
jobs, and position West Virginia
as a leader in clean steel production. We are also excited to
create substantial long-term value for investors through this
high-return investment, which will help drive Nucor's continued
growth."
As previously announced, the new sheet mill is expected to cost
approximately $2.7 billion and have
the capacity to produce three million tons of steel annually. The
new mill will be equipped to produce 84-inch sheet products, and
among other features, will include a 76-inch tandem cold mill and
two galvanizing lines. Galvanizing capabilities will include
an advanced high-end automotive line with full inspection
capabilities as well as a construction-grade line. In
addition to its advanced capabilities and optimal strategic
location, the new greenfield mill will have a significantly lower
carbon footprint than competitors who have historically supplied
the region.
Construction is expected to take two years pending permit and
regulatory approvals. Additional sites in Northern West Virginia are also under
consideration for a transload and processing
facility.
"We thank Governor Jim Justice,
Secretary Mitch Carmichael and the
West Virginia Department of Economic Development, Speaker of the
House of Delegates Roger Hanshaw,
Senate President Craig Blair, and
local officials in Mason County
for their partnership and support of this project," said
John Farris, Vice President &
General Manager of Nucor Steel West Virginia. "We look forward to
breaking ground in Mason County
and partnering with colleges and universities on workforce
development programs, supporting veterans' organizations and local
food pantries, and working with opioid recovery programs that will
provide meaningful pathways to jobs."
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; 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 "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 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 surrounding
the global economy, including excess world capacity for steel
production; (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; 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
"Item 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 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