CHARLOTTE, North Carolina, August 3, 2022 /PRNewswire/ — Nucor Corporation (NYSE: NUE) today announced that it will add a new smelter to its bar mill Kingman, AZ. New $100 million the smelter will have the capacity to produce 600,000 tons per year and create around 140 new full-time jobs for an average annual salary of around $85,000. Construction of the smelter is expected to take two years pending permits and regulatory approvals.
“This investment in a new smelting workshop at our Arizona the bar mill is part of our strategy to grow our core steelmaking business and will help us maintain our leadership position in the steel bar production market,” said Leon Topalian, President and CEO of Nucor Corporation. “The addition of new smelter shop capacity will help meet the growing demand for steel bar products in the Western region, which is one of the fastest growing regions in the United States”
Wire rod and rebar are mainly used in the reinforcement of concrete for the construction of roads, buildings, bridges and other structures. Nucor produces steel by recycling scrap metal into new steel products, making the company one of the most sustainable steel producers in the world. Last year, Nucor steel bar products contained an average of 98.5% recycled content.
In September 2021Nucor has announced plans to build a new smelter in one of its existing bar mills in the US West. Nucor Steel Kingman is the ideal location for this project as it is a rolling mill that converts steel billets into coiled wire rod and rebar, but lacks a smelter shop. The king man the plant currently employs around 80 teammates.
“Nucor’s new sustainable steel production facility will strengthen from arizona vibrant manufacturing ecosystem,” said Sandra Watson, president and CEO of the Arizona Commerce Authority. “Nucor’s new plant will produce quality steel and steel products while maintaining the highest standards of safety and durability. We are grateful for Nucor’s commitment to king mancreating well-paying jobs while stimulating economic growth in the region. »
Nucor has 15 bar mills strategically located across United States who manufacture a wide range of steel products, including concrete reinforcing bars, hot rolled bars, rounds, light sections, structural angles, profiles, wire rod and road products in carbon and allies. Four of the bar mills are particularly focused on the manufacture of special grade (SBQ) bar and wire rod products. The steel produced by Nucor bar mills serves many end markets including the agricultural, automotive, construction, energy, furniture, machinery, structural steel market segments , railroads, recreational equipment, shipbuilding, heavy trucks and trailers. Nucor’s steel bar production capacity is estimated at approximately 9,560,000 tonnes per year.
Nucor and its subsidiaries are manufacturers of steel and steel products, with operating facilities in United States, Canada and Mexico. Products manufactured include: carbon and alloy steel — in bars, beams, plates and plates; hollow structural section tubes; Electrical conduit; steel shelving; steel pilings; steel beams and joists; steel bridge; fabricated concrete reinforcing steel; cold finished steel; investment castings; steel fasteners; metal building systems; insulating metal panels; overhead doors; steel grating; and wire and wire mesh. Nucor, through The David J. Joseph Company, also trades ferrous and non-ferrous metals, pig iron and hot briquetted iron/direct reduced iron; provides ferroalloys; and processes ferrous and non-ferrous scrap. Nucor is North America biggest recycler.
Certain statements in this press release are “forward-looking statements” that involve risks and uncertainties that we believe will or may occur in the future and could affect our business, financial condition and operating results. The words “anticipate”, “believe”, “expect”, “intend”, “plan”, “may”, “will”, “should”, “could” and similar expressions are intended to identify these 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 were reasonable at the time they were made, there can be no assurance that future events will not affect the accuracy of these forward-looking statements. information search. As such, forward-looking statements are not guarantees of future performance, and actual results may differ materially from the projected results and expectations discussed in this press release. Factors that could cause the Company’s actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) US and foreign trade policies affecting imports or exports of steel; (3) the sensitivity of the results of our operations to prevailing market prices for steel and to changes in the supply and cost of raw materials, including pig iron, iron ore and scrap; (4) the availability and cost of electricity and natural gas, which could adversely affect our steel production costs or cause the delay or cancellation of existing or future drilling in our programs natural gas drilling; (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 non-residential construction activity in United States; (7) impairment of the recorded value of inventory, equity investments, fixed assets, goodwill or other long-lived assets; (8) uncertainties surrounding the global economy, including global excess steelmaking capacity, inflation and changes in interest rates; (9) fluctuations in currency conversion rates; (10) material changes in governmental laws or regulations affecting environmental compliance, including laws and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and our operating costs or result in the revocation of one or more of our licenses or make it more difficult to obtain license amendments; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; and (14) the impact of the COVID-19 pandemic and any variants of the virus. These and other factors are discussed in Nucor’s regulatory filings with the Securities and Exchange Commission, including those in “Element 1A.” Risk Factors” of Nucor’s Annual Report on Form 10-K for the year ended December 31, 2021. The forward-looking statements contained in this press release speak only as of this date, and Nucor undertakes no obligation to update them, except as required by applicable law.