Schuff Steel Company Qualifies for American Recovery and Reinvestment Act Section 48C Clean Energy Manufacturing Tax Credit
January 11 2010 - 5:25PM
Marketwired
Schuff Steel Company, through its parent, Schuff International,
Inc. (PINKSHEETS: SHFK), has qualified for a federal tax credit in
the amount of $7,073,316 as part of the American Recovery and
Reinvestment Act (ARRA) Section 48C Clean Energy Manufacturing Tax
Credit. Schuff Steel, the largest steel fabricator and erector in
the United States, was awarded the ARRA tax credit to be used in
the potential construction and operation of a new wind tower
manufacturing facility in Bismarck, ND.
"We are thrilled to have received the tax credit for the
potential wind tower manufacturing facility in North Dakota. This
award is a key factor in our decision-making regarding the large
capital investment required for this new plant but much work
remains to be done," says Robb Waldrep, vice president of Schuff
International. "Currently, we are attempting to secure financing
for the project and finalize orders from potential customers to
manufacture wind towers to ensure the viability of the investment
in this new plant if Schuff makes the commitment to proceed with
construction."
Schuff is actively pursuing strategic alliances to help increase
their presence in the renewable energy sector, particularly in wind
and solar technologies. To date, Schuff has provided steel
fabrication for several projects in the solar sector but has not
yet participated in wind energy.
With thirteen shops in California, Arizona, Kansas, Texas,
Georgia and Florida providing over 1.5 million SF of fabrication
space under roof, Schuff International and its family of companies
is the largest supplier of specialty fabricated steel in the United
States. Schuff's broad geographic presence is ideal for fulfilling
the growing steel fabrication needs of the renewable energy sector
as well as the needs of the traditional energy markets which Schuff
has and continues to service.
Schuff International, Inc. is a 33-year old company with
projects on-going throughout the country. Major market segments
include industrial, public works, bridges, health care, gaming and
hospitality, convention centers, stadiums, mixed-use and retail,
transportation, solar and other renewable energy projects and
international projects. Schuff International, Inc., headquartered
in Phoenix, AZ, owns and operates eleven steel fabrication plants
and two steel joist manufacturing plants. Companies include Schuff
Steel Company located in AZ, NV and CA; Schuff Steel-Midwest
Division located in Overland Park, KS, Ottawa, KS, Chicago, IL and
Denver, CO; Schuff Steel-Gulf Coast, Inc., located in Houston, TX;
Schuff Steel-Atlantic, Inc., located in Orlando, FL, Albany, GA and
Atlanta, GA; Schuff Steel Management Company-Southwest, Inc.,
located in Gilbert, AZ; and Quincy Joist Company located in Quincy,
FL and Buckeye, AZ. Schuff employs approximately 1,500 people
throughout the country. For more information, visit
www.schuff.com.
Certain statements in this news release may contain
forward-looking information within the meaning of the Private
Securities Litigation Reform Act of 1995, and are subject to the
safe harbor created by those rules. All statements, other than
statements of fact, included in this release, including, without
limitation, statements regarding potential future plans and
objectives of the company are forward-looking statements that
involve risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such statements. These risks and uncertainties include, but are not
limited to, the company's ability to successfully utilize the
awarded ARRA Section 48C Clean Energy Manufacturing Tax Credit, the
ability to obtain financing and secure orders for the construction
of a wind tower manufacturing facility in North Dakota and the
company's successful entry into the wind energy sector. Further
risks and uncertainties that may impact Schuff's entry into the
wind energy sector, include, but are not limited to, the company's
ability to successfully and timely complete construction projects;
the company's ability to convert backlog into revenue; the
potential delay, suspension, termination, or reduction in scope of
a construction projects; forecasted regional and end-market growth;
the continuing validity of the underlying assumptions and estimates
of total forecasted project revenues, costs and profits and project
schedules; the outcomes of pending or future litigation,
arbitration or other dispute resolution proceedings; the
availability of borrowed funds on terms acceptable to the company;
the ability to retain certain members of management; the ability to
obtain surety bonds to secure its performance under certain
construction contracts; possible labor disputes or work stoppages
within the construction industry; the ability of project owners to
obtain financing for projects; and actions taken or not taken by
third parties, including the company's customers, suppliers,
business partners, and competitors and legislative, regulatory,
judicial and other governmental authorities and officials. The
company cautions that these forward-looking statements are further
qualified by other factors. The company undertakes no obligation to
publicly update or revise any statements in this release, whether
as a result of new information, future events or otherwise.
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MEDIA CONTACT: Ann Papagalos Papagalos Strategic Communications
P) (602) 279-2933, Ext. 105 C) (602) 702-0524 E-mail: Email
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