CHARLOTTE, N.C., June 14, 2023 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced today that the Company's Towers & Structures business unit will build its second state-of-the-art utility structures production facility in Crawfordsville, Indiana. Earlier this year the Company announced plans to build its first structure production facility in Decatur, Alabama. The new facility will be located adjacent to the Nucor Steel Crawfordsville steel mill and is expected to create 200 full-time jobs.
"With this second utility structure production facility, we are expanding our Towers & Structures business and positioning the Company to meet the growing demand for utility infrastructure from renewable energy projects, EV charging network expansion and grid hardening," said Leon Topalian, Chair, President and Chief Executive Officer of Nucor Corporation. "As one of the most sustainable steelmakers in the world, we believe energy infrastructure should be built with low embodied carbon American steel."
"Today is truly yet another exciting day for Nucor, Indiana and our state's growing energy ecosystem," said Governor Eric J. Holcomb. "Nucor has been a great company partner to our state for decades, and this new Towers & Structures operation is a true testament to the Company's commitment to the Montgomery County region and to our Hoosier pro-growth business climate and skilled workforce."
Federal legislation passed in the last few years, including the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, provide nearly half a trillion dollars in funding and incentives to build out our nation's clean energy future, creating increasing demand for transmission and other utility structures. Demand is also being driven by infrastructure damage stemming from natural disasters, replacement of aging utility infrastructure and population growth.
Last year, Nucor formed its Nucor Towers & Structures business unit when it acquired Summit Utility Structures LLC, a producer of metal poles and other steel structures for utility infrastructure. The Company announced plans at that time to establish a nationwide footprint by building two new utility structure production facilities for a combined investment of $270 million. Both the Indiana and Alabama facilities will be highly automated, utilizing efficient straight-line production, and will also include advanced hot-dip galvanizing operations.
"Nucor has been doing business in Indiana since 1972 and today we have more than 2,500 teammates working at multiple locations across the state. We are excited to build on that history with our new Towers & Structures production facility," said Laurent De Mey, General Manager of Nucor Towers & Structures. "We appreciate the support we have received from state and local officials, including Governor Eric Holcomb, Secretary of Commerce, Brad Chambers, the Indiana Economic Development Corporation, Montgomery County and the City of Crawfordsville."
"We are excited that Nucor has chosen to locate their new towers and structures manufacturing facility in Montgomery County. Our County team has worked hard to create the environment to attract new jobs and investment in the County and we are starting to see the results of these efforts." Montgomery County Commissioner President John Frey.
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.
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 the COVID-19 pandemic, any variants of the virus, and any other similar 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, 2022. 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
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