CHARLOTTE, N.C., March 27, 2019 /PRNewswire/ -- Nucor
Corporation (NYSE: NUE) announced today that it will build its new
state of the art steel plate mill in Brandenburg, Kentucky, located along the Ohio
River southwest of Louisville. The
company will invest approximately $1.35
billion to build the mill, which will be capable of
producing 1.2 million tons per year of steel plate products. The
plate mill will employ more than 400 full-time teammates at an
average annual salary of $72,000, and
is expected to be fully operational in 2022, pending permit and
regulatory approvals.
"This strategic investment will enable us to build a clear
market leadership position in the U.S. plate market. Kentucky is an excellent location for this
mill, right in the center of America's largest plate consuming
region," said John Ferriola,
Chairman, CEO & President of Nucor Corporation. "Our
acquisition of the Gallatin sheet
mill in Ghent, Kentucky five years
ago has been a tremendous success, and we are pleased to add a
second mill in the state."
The new plate mill will significantly strengthen Nucor's plate
product portfolio, giving the company the ability to produce 97
percent of the products demanded in the domestic plate market,
including the specialty higher-margin products. The mill will
produce cut-to-length, coiled, heat-treated, and discrete plate
ranging from 60 to 160 inches wide, and in gauges from 3/16 of an
inch to 14 inches. The selected location on the Ohio River will
give Nucor logistical advantages in sourcing raw materials and
serving customers throughout the Midwest. Nucor currently operates
plate mills in North Carolina,
Alabama and Texas.
Nucor has two additional major investment projects underway at
its Gallatin sheet mill in
Kentucky. Nucor Steel Gallatin's
new galvanizing line will be operational during the second quarter
of this year. And, its project to increase Gallatin's hot rolled coil capacity at
expanded widths of up to 73 inches is expected to come online
during 2021. The new plate mill and the projects at Nucor Steel
Gallatin represent more than $2
billion in investments in the state of Kentucky.
"We would like to thank Governor Matt
Bevin, officials with the Kentucky Cabinet for Economic
Development and local officials in Brandenburg and Meade County for their help and support of
this project," said Leon Topalian,
Executive Vice President of Beam and Plate Products. "We are
looking forward to being part of the Brandenburg community."
Nucor and its affiliates are manufacturers of steel and 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; hollow
structural section tubing; electrical conduit; steel piling; steel
joists and joist girders; steel deck; fabricated concrete
reinforcing steel; cold finished steel; precision castings; steel
fasteners; metal building systems; steel grating; and wire and wire
mesh. Nucor, through The David J. Joseph Company, 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.
The words "believe," "expect," "project," "will," "should," "could"
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)
competitive pressure on sales and pricing, including competition
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 prevailing steel prices and the
changes in the supply and cost of raw materials, including scrap
steel; (4) market demand for steel products; and (5) energy costs
and availability. These and other factors are discussed in Nucor's
regulatory filings with the Securities and Exchange Commission,
including those in Nucor's fiscal 2018 Annual Report on Form 10-K,
Item 1A. Risk Factors. 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.
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SOURCE Nucor Corporation