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Released August 05, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Nucor Corporation (NYSE:NUE) (Charlotte, North Carolina) will be very busy with capital projects during the next two years, the steelmaker's chief executive officer said recently.
"The next two years will likely be our most capital-intensive, with several active construction projects occurring simultaneously," said Leon Topalian during the company's July 23 second-quarter 2024 earnings conference call. "We plan to fund this with operating cash flow and cash on hand, which was approximately $5.4 billion at the end of Q2."
Nucor's largest current project is a $3.1 billion sheet mill in Apple Grove, West Virginia, which will begin supplying customers in the Midwest and northeast after construction is completed in late 2026, Topalian said. The 3 million-ton-per-year grassroot steel mill kicked off construction in August 2023, with completion planned for the end of January 2026. It will produce hot-rolled sheet products, with downstream processing including a tandem cold mill, annealing capabilities and, initially, two galvanizing lines. Kanawha Stone Company (Charleston, West Virginia) is the project contractor.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for the project report.
"Between now and then, we're excited about the startups of several other projects," Topalian said. "In the first quarter of 2025, we'll begin ramping up our new rebar micro mill in Lexington, North Carolina, to supply construction markets in the Southeast and mid-Atlantic regions."
Construction of the 430,000-ton-per-year rebar micro mill began in first-quarter 2023. For more information, subscribers can click here.
"In the spring and fall of '25, we'll complete construction of two highly automated utility tower manufacturing plants, to serve the high-growth power transmission and telecommunications markets," Topalian continued. Subscribers can click here for related project reports.
"After that, we'll be bringing on new finishing capabilities, including a new (galvanizing) line and coating complex at Crawfordsville (Indiana) in late '25 and a second galv line at Nucor Berkley (South Carolina) in mid '26," he said. Subscribers can click here for the Crawsfordsville projects and click here for the Berkley project.
"Each of these projects, along with several others throughout the company serve important roles," Topalian said. "It's not about adding capacity, it's about a differentiated capability set for our customers, while doubling the through-cycle earnings potential for Nucor. We have crossed the midpoint of our multi-year capex plan, but several recently completed projects have yet to reach their full earnings potential."
Subscribers can click here for the project reports mentioned in this article and click here for the related plant profiles.
Industrial Info is tracking 60 active capital Nucor projects, worth $7.24 billion. Subscribers can click here for the 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) 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).
"The next two years will likely be our most capital-intensive, with several active construction projects occurring simultaneously," said Leon Topalian during the company's July 23 second-quarter 2024 earnings conference call. "We plan to fund this with operating cash flow and cash on hand, which was approximately $5.4 billion at the end of Q2."
Nucor's largest current project is a $3.1 billion sheet mill in Apple Grove, West Virginia, which will begin supplying customers in the Midwest and northeast after construction is completed in late 2026, Topalian said. The 3 million-ton-per-year grassroot steel mill kicked off construction in August 2023, with completion planned for the end of January 2026. It will produce hot-rolled sheet products, with downstream processing including a tandem cold mill, annealing capabilities and, initially, two galvanizing lines. Kanawha Stone Company (Charleston, West Virginia) is the project contractor.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for the project report.
"Between now and then, we're excited about the startups of several other projects," Topalian said. "In the first quarter of 2025, we'll begin ramping up our new rebar micro mill in Lexington, North Carolina, to supply construction markets in the Southeast and mid-Atlantic regions."
Construction of the 430,000-ton-per-year rebar micro mill began in first-quarter 2023. For more information, subscribers can click here.
"In the spring and fall of '25, we'll complete construction of two highly automated utility tower manufacturing plants, to serve the high-growth power transmission and telecommunications markets," Topalian continued. Subscribers can click here for related project reports.
"After that, we'll be bringing on new finishing capabilities, including a new (galvanizing) line and coating complex at Crawfordsville (Indiana) in late '25 and a second galv line at Nucor Berkley (South Carolina) in mid '26," he said. Subscribers can click here for the Crawsfordsville projects and click here for the Berkley project.
"Each of these projects, along with several others throughout the company serve important roles," Topalian said. "It's not about adding capacity, it's about a differentiated capability set for our customers, while doubling the through-cycle earnings potential for Nucor. We have crossed the midpoint of our multi-year capex plan, but several recently completed projects have yet to reach their full earnings potential."
Subscribers can click here for the project reports mentioned in this article and click here for the related plant profiles.
Industrial Info is tracking 60 active capital Nucor projects, worth $7.24 billion. Subscribers can click here for the 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) 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).
