CHARLOTTE, N.C., July 27, 2018 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced today that it has purchased a minority equity position in the parent of Trion Coatings, LLC (Trion Coatings), which is developing an environmentally friendly chrome plating technology.
As part of its investment, Nucor is working with Trion Coatings to commercialize the technology and will be constructing a pilot facility at Nucor Fastener in St. Joe, Indiana. Nucor also holds an exclusive worldwide license agreement for the technology as applied to long steel products.
"We are very excited to invest in this cutting-edge technology, working together with Trion Coatings and the University of Notre Dame to create a much safer work environment, and advancing this technology to the commercial level," said John Ferriola, Chairman, CEO & President of Nucor Corporation. "As the nation's largest recycler, we are constantly looking for ways to increase the sustainability of our business and reduce the impact on our environment."
Trion Coatings, which incubated at Notre Dame's IDEA Center, was formed for the purpose of developing an environmentally friendly alternative to the traditional chrome plating process. Developing a safer alternative to Cr(VI) presents advantages in the market as the global regulatory environment becomes more stringent.
Trion Coatings utilizes a patent pending process using Cr(III) salts and a proprietary ionic liquid solution. The process allows for greater electroplating speeds, improved wear resistance and overall higher performance than the traditional chrome plating process, while offering an excellent health and safety profile.
Middleburg Capital Development is the majority equity holder of Trion Coatings, with another minority equity stake held by the University of Notre Dame. Middleburg Capital Development is a family office that manages the Sutherland family trusts and has been an early advocate of Notre Dame's IDEA Center. Tim Sutherland, Chairman of Middleburg Capital Development stated, "Trion is a prime example of how research at the University of Notre Dame and the IDEA Center's commercializing process work in harmony to foster new frontier research and commercialize it to do bold things for the human community. Our success is a credit to the Trion Coatings founders and scientists who worked diligently and with unwavering commitment to create a chrome coating that will change steel finishing forever while benefiting human health and safety in immeasurable ways."
Nucor and its 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; hollow structural section tubing; electrical conduit; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; 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 HBI/DRI; 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 2017 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