CHARLOTTE, N.C., May 20, 2019 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced a capital investment that will add vacuum degassing to its engineered bar capabilities at its bar mill in Darlington, South Carolina. Adding this capability will enable the mill to produce engineered bar products meeting some of the most stringent quality specifications in the industry. The vacuum degassing system is expected to begin operations in late 2020.
"This strategic investment complements our existing bar mills that primarily produce engineered bar products in Norfolk, Nebraska, Memphis, Tennessee, and Wallingford, Connecticut. It will position us to better serve our customers in the Southeastern United States and support the growing demand in the region for higher quality automotive and other specialty steel applications," said John Ferriola, Chairman, CEO and President of Nucor Corporation.
Nucor Steel South Carolina is the first steel mill Nucor built. Producing steel by means of melting recycled scrap in an electric arc furnace ("EAF"), the mill started a revolution in the way steel is made in the United States. Today, approximately 70 percent of the steel made in this country is produced using EAFs. Next month, the Darlington facility will hold an event to celebrate its 50th anniversary.
Nucor Steel South Carolina employs more than 450 teammates and produces merchant bar, wire rod, special bar quality and cold headed quality bar.
Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities 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 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 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.
SOURCE Nucor Corporation