Schuff Steel Actively Pursuing Wind Tower Manufacturing
February 26 2010 - 6:15PM
Marketwired
Schuff Steel Company, a wholly-owned subsidiary of Schuff
International, Inc. (PINKSHEETS: SHFK), continues to actively
pursue the possible construction of a new wind tower manufacturing
plant in North Dakota. "After researching the renewable energy
business in general, and specifically wind energy, we are convinced
that we are seeing the emergence of a new industry. Wind tower
manufacturing appears to be very synergistic with our core business
of steel fabrication and erection," said Dennis Randall, executive
vice president of Schuff's Midwest Division. "We also feel that
this new venture would require construction of a dedicated plant in
close proximity to developing markets," he said.
After considering a number of sites, Schuff selected Bismarck,
North Dakota as the location for the potential plant. Plans would
call for construction of a 200,000 sq ft facility on 70 acres,
capable of producing hundreds of towers annually. Schuff
anticipates potential employment levels of 250 to 300 people once
at full capacity. While there are a number of significant issues
yet to be resolved, including project financing and finalizing
customer orders, Schuff hopes to begin construction of this
facility sometime within the year.
"I was very impressed with the business-friendly attitude of the
Bismarck Mandan Business Development folks, the accessibility and
support demonstrated by State and local public officials and the
excellent technical educational facilities supporting renewable
energy manufacturing," said Randall.
Schuff's proposed plant in North Dakota was recently selected as
one of 133 projects eligible to receive a federal tax credit as
part of the American Recovery and Reinvestment Act (ARRA) Section
48C Clean Energy Manufacturing Tax Credit. This benefit has helped
Schuff to forge ahead with their development plans.
About Schuff International, Inc.
Schuff International, Inc. (PINKSHEETS: SHFK) and its family of
steel companies is the largest steel fabrication and erection
company in the United States. The 33-year old company executes
projects throughout the country. Schuff offers integrated steel
construction services from a single source. Professional services
include design-build, design-assist, engineering, BIM
participation, 3D steel modeling/detailing, fabrication, advanced
field erection, joist and joist girder manufacturing, project
management, and single-source steel management systems. Major
market segments include industrial, public works, bridges, health
care, gaming and hospitality, convention centers, stadiums,
mixed-use and retail, transportation, solar and other alternative
energy projects and international projects. Schuff International,
Inc., which is headquartered in Phoenix, AZ, owns and operates ten
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 1,400 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 sufficient to justify
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 project; 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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