CHARLOTTE, N.C., May 5, 2021 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced today that its Board of Directors has approved a project to upgrade the company's engineered bar mill in Nebraska to better serve the automotive market and continue to meet its customers' needs for the highest quality products. The modernization project will include a new reheat furnace, new intermediate mill, and coil inspection and trimming station. The $58 million investment project is expected to be completed and operational in the fourth quarter of 2022.
"The upgrades we are making to our engineered bar mill in Nebraska are part of our efforts to continue to grow the number of tons we sell to the automotive market," said Leon Topalian, President & CEO of Nucor Corporation. "This investment is part of our greater commercial strategy to align our product mix with current and future demand of our customers and will reinforce Nucor as a leader in engineered bar and rod."
When completed, these upgrades will enhance Nucor Steel Nebraska's ability to produce engineered bar and coil products with improved surface quality and reduced decarburization, which are required to meet high-end engineered bar automotive applications. This investment will further diversify the products supplied from Nucor Steel Nebraska. Additionally, this project will further our commitment to safety by allowing Nucor teammates to do their work away from the rolling process.
Located in Norfolk, Nucor Steel Nebraska has been operating since 1973 and employs 500 teammates. From 2012 to 2015, Nucor invested heavily in Nebraska to boost its production of special bar quality steel (SBQ) for the demanding engineered bar market, driven by energy, automotive, heavy truck and heavy equipment manufacturers.
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 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 "anticipate," "believe," "expect," "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 prevailing steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) 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, as well as prevailing domestic prices for oil and gas; (5) energy costs and availability; and (6) the impact of the COVID-19 pandemic. These and other factors are discussed in Nucor's regulatory filings with the 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, 2020. 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.
SOURCE Nucor Corporation