Nucor Announces Nucor-Yamato Steel's Plans to Expand Hot Rolled Sheet Piling Production
CHARLOTTE, N.C., June 26, 2012 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced today that Nucor-Yamato Steel Company, a joint venture between Nucor and Yamato Kogyo Co. Ltd., has approved a $115 million plan to expand the production of hot rolled sheet piling. This project will be completed at Nucor's steel mill in Blytheville, Arkansas, and is expected to be completed in early 2014.
Upon completion, the project will add several new sheet piling sections, increasing the single sheet widths by 22% and providing a lighter stronger sheet covering more area at a lower installed cost. The new sections will provide our piling distributor customers with the broadest range of American-made piling solutions available today. Our sheet and H-piling products service the most challenging applications including marine construction, bridge and highway construction, heavy civil construction, storm protection, underground commercial parking and environment containment projects in the infrastructure and construction industry.
"The United States is a country that innovates, makes and builds things. This investment enhances Nucor-Yamato Steel's ability to make innovative, cost effective sheet piling designs. American-made piling products are key to our country's investments in infrastructure and creating jobs. This project also supports our strategy of investing in current operations to build on our synergies in the piling and foundation market serviced by our recent Skyline Steel LLC acquisition, as well as our existing Harris Rebar business. These investments not only enhance our steel industry leadership status, but most importantly, position Nucor to meet the growing demands of our customers," said Daniel R. DiMicco, Nucor's Chairman and Chief Executive Officer.
Nucor and affiliates are manufacturers of 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; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; steel grating and expanded metal; and wire and wire mesh. 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) 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; (2) market demand for steel products; (3) energy costs and availability; and (4) competitive pressure on sales and pricing, including competition from imports and substitute materials. These and other factors are outlined in Nucor's regulatory filings with the Securities and Exchange Commission, including those in Nucor's December 31, 2011 Annual Report on Form 10-K. 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.
SOURCE Nucor Corporation