CHARLOTTE, North Carolina, April 7, 2022 /PRNewswire/ — Nucor Corporation (NYSE: NUE) today announced that it will build a new micro rebar plant in Lexington, North Carolinawhich is in Davidson County. This will be Nucor’s third rebar micro-factory, joining existing Nucor micro-factories in Missouri and Florida. The Nucor Steel plant in Lexington is expected to cost approximately $350 million and have an annual capacity of 430,000 tons. The plant will employ about 200 full-time crew members when operational and create an additional 500 temporary jobs during construction, which is expected to take two years pending permits and regulatory approvals.
“We are very excited to expand our steel business here in our home state, North Carolina. The hallway between washington d.c.and Atlanta is one of the fastest growing regions in our country, and new federal infrastructure spending will further increase rebar demand in the region,” said Leon Topalian, President and CEO of Nucor. “Nucor Steel Lexington will produce steel with nearly 100% recycled content, which means our new modern infrastructure will be made with the most sustainable steel available anywhere in the world.
Rebar is 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. Nucor steel bar products contain 97% recycled content.
“We would like to thank the Governor Roy Coopertrade secretary Machelle Baker Sanders and other state officials, Davidson Countythe City of Lexington and the Town of Thomasville for their help and support for this project. We are excited to grow our Nucor family in this region and partner with local schools and non-profit organizations that support members of this community,” said Mike Hessvice president and general manager of Nucor Steel Lexington.
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 focus particularly on the manufacture of SBQ and wire rod products. Steel produced by Nucor bar mills serves many end-use markets including the agricultural, automotive, construction, energy, furniture, machinery, metal construction, railways, recreational equipment, shipbuilding, heavy trucks and trailers. Nucor’s steel bar production capacity is estimated at approximately 9,560,000 tonnes per year.
Nucor operated its headquarters in Charlotte, North Carolina since 1966. The company, directly and through affiliates, employs approximately 800 teammates in the state, including a sheet steel plant in Hertford Countya Harris Rebar manufacturing plant at Lumberton and three scrap metal recycling facilities, which will supply raw materials for the new plant.
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; 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.