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Released January 23, 2023 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Amid the Biden administration's goal of 30 gigawatts (GW) of offshore wind power by 2030, and the recent passage of the Inflation Reduction Act (IRA), Nucor Corporation (NYSE:NUE) (Charlotte, North Carolina) last week introduced its new sustainable heavy-gauge steel-plate product intended specifically for offshore wind applications. The steel producer plans to manufacture the product, Elcyon, at its new, $1.7 billion steel-plate mill in Brandenburg, Kentucky, which produced its first steel plate at the end of December.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals project and plant databases can click here for more information on the steel-plate mill project and here for a related plant profile.
In a January 19 press release announcing its new product, Leon Topalian, chief executive officer of Nucor, said: "By launching Elcyon at Brandenburg we have effectively created the first domestic supply chain of sustainable steel for our nation's offshore wind energy industry ... As demand for alternative energy sources like offshore wind continues to grow and manufacturers push for larger turbines, Elcyon's larger and thicker plate sizes will help the United States become a leader in offshore wind production."
Nucor's company website notes Elcyon is the world's first steel plate to be made from a recycled scrap-based electric arc furnace (EAF) process.
Nucor has said it expects to commission the mill sometime in the first quarter, when it will make the first shipment to customers. In a press release announcing those milestones, the company said Brandenburg is the only mill in the U.S. "capable of manufacturing at scale the heavy-gauge plate used in monopile foundations for offshore wind towers. As a result, it will be a critical part of the supply chain for the continued development of our nation's offshore wind power infrastructure."
Nucor expects that infrastructure to be supported by the Inflation Reduction Act (IRA), which includes more than $300 billion in federal spending on clean energy and the energy transition, as President Joe Biden aims to reach net-zero carbon dioxide (CO2) emissions from the electric power industry by 2035 and decarbonize the entire U.S. economy by 2050.
To aid that effort, the administration has set a goal to build 30 GW of offshore wind power by 2030--which "could result in approximately 7.5 million tons of additional steel demand and create enough clean energy to power 10 million homes," according to the Nucor press release.
A recent report from Wood Mackenzie (WoodMac) (Edinburgh, Scotland) notes incentives in the IRA could lead to a 78% increase in investments in low-carbon energy, including offshore wind. For more information on this and the state of U.S. offshore wind development, see Industrial Info's January 20, 2023, article - Report: U.S. Can Expect Huge Influx in Low-Carbon Investments.
Another report from WoodMac, released earlier this year, says decarbonizing the global iron ore and steel industry by 2050 would cost US$1.4 trillion in capital investment. For more information, see September 20, 2022, article - WoodMac: Iron Ore, Steel Decarbonization to Cost $1.4 Trillion.
Industrial Info is tracking $5.3 billion worth of active projects belonging to Nucor. Subscribers to the GMI database can click here for a full list of detailed project reports.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals project and plant databases can click here for more information on the steel-plate mill project and here for a related plant profile.
In a January 19 press release announcing its new product, Leon Topalian, chief executive officer of Nucor, said: "By launching Elcyon at Brandenburg we have effectively created the first domestic supply chain of sustainable steel for our nation's offshore wind energy industry ... As demand for alternative energy sources like offshore wind continues to grow and manufacturers push for larger turbines, Elcyon's larger and thicker plate sizes will help the United States become a leader in offshore wind production."
Nucor's company website notes Elcyon is the world's first steel plate to be made from a recycled scrap-based electric arc furnace (EAF) process.
Nucor has said it expects to commission the mill sometime in the first quarter, when it will make the first shipment to customers. In a press release announcing those milestones, the company said Brandenburg is the only mill in the U.S. "capable of manufacturing at scale the heavy-gauge plate used in monopile foundations for offshore wind towers. As a result, it will be a critical part of the supply chain for the continued development of our nation's offshore wind power infrastructure."
Nucor expects that infrastructure to be supported by the Inflation Reduction Act (IRA), which includes more than $300 billion in federal spending on clean energy and the energy transition, as President Joe Biden aims to reach net-zero carbon dioxide (CO2) emissions from the electric power industry by 2035 and decarbonize the entire U.S. economy by 2050.
To aid that effort, the administration has set a goal to build 30 GW of offshore wind power by 2030--which "could result in approximately 7.5 million tons of additional steel demand and create enough clean energy to power 10 million homes," according to the Nucor press release.
A recent report from Wood Mackenzie (WoodMac) (Edinburgh, Scotland) notes incentives in the IRA could lead to a 78% increase in investments in low-carbon energy, including offshore wind. For more information on this and the state of U.S. offshore wind development, see Industrial Info's January 20, 2023, article - Report: U.S. Can Expect Huge Influx in Low-Carbon Investments.
Another report from WoodMac, released earlier this year, says decarbonizing the global iron ore and steel industry by 2050 would cost US$1.4 trillion in capital investment. For more information, see September 20, 2022, article - WoodMac: Iron Ore, Steel Decarbonization to Cost $1.4 Trillion.
Industrial Info is tracking $5.3 billion worth of active projects belonging to Nucor. Subscribers to the GMI database can click here for a full list of detailed project reports.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
