Nucor Fastener to Expand with Acquisition of Coil Processing Facility
CHARLOTTE, N.C., Oct. 6, 2021 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced today that it is expanding its Nucor Fastener division with the acquisition of an existing state-of-the-art coil processing facility in Shelbyville, Indiana. This facility includes an automated clean and coat line, 2 STC® furnaces and wire drawing capabilities. In addition to coil processing, the Company will also be expanding its fastener manufacturing capabilities by installing bolt making equipment at the Shelbyville facility. This new operation will employ approximately 33 team members at the outset with the potential to double those jobs as it reaches full capacity.
"We are excited to grow our Fastener Division with the acquisition of these assets," said Joey Loosle, General Manager of Nucor Fastener. "Adding bolt making capability to the Shelbyville facility will help expand our offerings to the automotive, heavy truck, industrial/MRO and structural fastener markets. Nucor Fastener is already a leader in steel fasteners and this expansion will further enhance that position."
By recycling steel in electric arc furnaces, Nucor is among the cleanest steel producers in the world, with greenhouse gas emissions that are one-third of the global steelmaking average and nearly one-fifth of the average blast furnace steel producer. Nucor's Fastener Products are made with 97% recycled content, which is far more sustainable than fasteners produced from blast furnace steel made overseas.
Along with recently announced upgrades at the Nebraska engineered bar mill, this new facility will allow Nucor to better service the automotive cold heading quality (CHQ) market and provide customers with the highest quality products. The Shelbyville facility will allow the Nucor Engineered Bar group to offer processed coil with superior surface quality for the most demanding automotive CHQ applications.
About Nucor Fastener
Certain statements contained in this news release are "forward-looking statements" that involve risks and uncertainties. The words "anticipate," "believe," "expect," "intend," "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 market steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) the availability and cost of electricity and natural gas, which could negatively affect our cost of steel production or result in a delay or cancellation of existing or future drilling within our natural gas drilling programs; (5) critical equipment failures and business interruptions; (6) 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; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long-lived assets; (8) uncertainties surrounding the global economy, including excess world capacity for steel production; (9) fluctuations in currency conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; and (14) the impact of the COVID-19 pandemic and any variants of the virus. 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
Company Codes: NYSE:NUE
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