Nucor Announces Plans to Expand Special Bar Quality Production
CHARLOTTE, N.C., Jan. 25, 2012 /PRNewswire/ — Nucor Corporation (NYSE: NUE), North America’s largest steel bar producer, is pleased to announce plans for the continued expansion of our special bar quality (SBQ) production capabilities over the next two years. We have approved $290 million for projects to be completed at our Memphis, Tennessee, Norfolk, Nebraska and Darlington, South Carolina steel mills that will expand our SBQ and wire rod capacities by a combined one million tons. These capital plans also include investments in state-of-the-art quality inspection capabilities necessary to ensure the highest qualities for the most demanding engineered bar applications. Engineering studies have been finalized, and we expect to complete each of the projects by the end of 2013 subject to federal, state and local regulatory and other approvals.
“We are excited about these new investments in a strategic and growing segment of our bar mill business. Looking forward, we continue to see strength in the engineered bar markets, driven by energy, automotive, heavy truck and heavy equipment manufacturers. Furthermore, we believe that manufacturing growth in the U.S. will allow the SBQ markets to continue to grow over the next several years. These investments not only enhance our steel industry leadership status, but most importantly, position Nucor to meet the growing demands of our engineered bar customers. Finally, it is important to understand that we will continue to provide our full range of merchant, structural and rebar products to all of our traditional regional customers through our existing mill network,” said Daniel R. DiMicco, Nucor’s Chairman and Chief Executive Officer.
Headquartered in Charlotte, N.C., Nucor and affiliates are manufacturers of 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; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; steel grating and expanded metal; and wire and wire mesh. Nucor, through The David J. Joseph Company, one of the leading scrap companies in the U.S., also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America’s largest recycler.
Certain statements contained in this news release are “forward-looking statements” that involve risks and uncertainties. The words “believe,” “expect,” “project,” “will,” “should” 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) 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; (2) market demand for steel products; (3) energy costs and availability; (4) competitive pressure on sales and pricing, including competition from imports and substitute materials; and (5) capital investments and their impact on our performance. These and other factors are outlined in Nucor’s regulatory filings with the Securities and Exchange Commission, including those in Nucor’s December 31, 2010 Annual Report on Form 10-K. 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.
SOURCE Nucor Corporation