CHARLOTTE, N.C., Nov. 17, 2023 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced today that the company's Board of Directors approved $280 million to modernize its steel plate mill in Tuscaloosa, Alabama. The investment will enable Nucor Steel Tuscaloosa to strengthen its ability to serve key market segments that are part of the overall Plate Mill Group strategy.
"We continuously invest in our teammates and facilities where we see opportunities to create value for our customers. This modernization project will bolster the plate group's position as the most diverse and comprehensive product mix in the industry," said Al Behr, Executive Vice President for Plate and Structural Products.
"Our Plate Mill Group team has done a phenomenal job executing our strategic shift and greatly improving the profitability of our plate mills. The modernization and upgrade of the rolling mill at Tuscaloosa is an important investment that will keep our mill competitive in the global steel industry and open up new market opportunities for our team. We appreciate the support we have received from the Tuscaloosa County Economic Development Authority for this project," said Brian Phillippi, Vice President and General Manager of Nucor Steel Tuscaloosa.
Comprised of three production facilities located in Hertford County, North Carolina, Brandenburg, Kentucky and Tuscaloosa, Alabama, Nucor's Plate Mill Group has an annual capacity of approximately 3 million tons of cut-to-length and discrete plate. Nucor produces plate for military applications and for manufacturers of barges, bridges, heavy equipment, rail cars, refinery tanks, ships, wind towers and other items that are primarily used in the pipe and tube, pressure vessel, transportation and construction industries.
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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