CHARLOTTE, N.C.,
Jan. 9,
2025 /PRNewswire/ -- Nucor Corporation
(NYSE: NUE) announced today that the Company's Towers &
Structures business unit will build its third state-of-the-art
utility structures production facility in Brigham City, Utah. The Company is currently
completing the construction of two utility structures production
facilities in Decatur,
Alabama, and Crawfordsville,
Indiana. The new $200 million
Utah facility will be located on
Nucor's existing Brigham City
campus and is expected to create 200 full-time jobs.
"Nucor has a strong presence in the West and locating this new
facility in Utah positions us to
meet growing demand for utility infrastructure in the region
resulting from distributed energy projects, data centers, and
population growth," said Leon
Topalian, Chair, President and Chief Executive Officer of
Nucor Corporation. "As a global leader in sustainable steelmaking,
we believe our nation's energy infrastructure should be built with
American-made low embodied carbon steel."
An expansive electric transmission buildout is planned in the
western U.S., with local utilities forecasting strong load growth
and ramping up capital spending in response. Demand for utility
infrastructure in the region is being fueled by new energy supply,
grid-hardening initiatives and increased load growth from data
centers, EV charging stations, and electrification. The
Utah production facility will be
highly automated and will enjoy a freight advantage compared to
competitors outside the region. It will receive plate and sheet
products from Nucor steel mills via rail to meet its raw material
needs.
"Nucor has been doing business in Brigham City for more than 40 years and we are
excited to expand our existing campus of Nucor facilities.
Utah is a great state to do
business in, and we appreciate the support we have received from
Brigham City, the Economic
Development Corporation of Utah,
Utah Inland Port Authority, and the Governor's Office of Economic
Opportunity," said Laurent De Mey,
Vice President & General Manager of Nucor Towers &
Structures.
Nucor formed its Towers & Structures business unit in 2022
when the Company acquired Summit Utility Structures LLC, a producer
of steel poles and steel structures for utility infrastructure in
eastern Pennsylvania. That
location, which primarily serves customers in the northeastern part
of the country, is currently being modernized and automated to
increase production. The three new facilities will be highly
automated, utilizing efficient straight-line production, and will
also include advanced hot-dip galvanizing operations. Nucor Towers
& Structures expects to begin production at its new
Alabama and Indiana facilities in the first and second
half of this year, respectively.
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; overhead
doors; steel grating; wire and wire mesh; and utility structures.
Nucor, through The David J. Joseph Company and its affiliates, 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 which we expect will or may
occur in the future and may impact our business, financial
condition and results of operations. 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 general market
conditions, and in particular, 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 and volatility surrounding the global economy,
including excess world capacity for steel production, inflation and
interest rate changes; (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; (14) our ability to integrate businesses we
acquire; and (15) the impact of any pandemic or public health
situation. These and other factors are discussed
in Nucor's regulatory filings with the United States
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, 2023. 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