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Researched by Industrial Info Resources (Sugar Land, Texas)--Nucor Corporation (NYSE:NUE) (Charlotte, North Carolina) ended 2022 on a historic high note, as the steel producer reported the most profitable year in its history amid higher margins and volumes, which are only expected to improve going into 2023. Despite a year-over-year decline in shipments in the fourth quarter, the company expects to benefit from the return of some manufacturing work to North America and stronger U.S. investment in infrastructure projects. Industrial Info is tracking $5.3 billion worth of active projects from Nucor.

Nucor's consolidated net earnings of $7.61 billion for full-year 2022 blew past 2021's then-record $6.83 billion. The company deployed about $2 billion in capital expenditures, primarily to grow core operations, and closed five acquisitions, totaling $3.6 billion in value, to expand into new markets. The company also enjoyed after-tax net benefits of $60.4 million from state tax credits, and $88 million from a change in the valuation allowance of a state-deferred tax asset.

Executives estimate Nucor's 2023 capital expenditures will total $3 billion, about two-thirds of which will be allocated toward profitable growth projects. In the near term, the largest of these is a steel sheet mill in Apple Grove, West Virginia, which is expected to produce 3 million tons per year, including 1.1 million tons of galvanized steel, 800,000 tons of cold-rolled coil, 750,000 tons of hot-rolled coil and 350,000 tons of pickled and oiled sheet. Completion is expected toward the end of 2024. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can learn more from a detailed project report.

AttachmentClick on the image at right for a graph detailing Nucor's active projects, by project type.

"Within the steel products segment, we expect continued strong profitability in the first quarter of 2023, with some decrease expected from the fourth quarter of 2022 due to seasonally slower construction activity and some reductions in realized pricing," Nucor said in a press release. "Overall, we expect first quarter 2023 steel products segment earnings to be higher than the first quarter of 2022." Nucor accounts for about 80% of the active steel-manufacturing projects that are set to kick off across the U.S. in first-quarter 2023; for more information, see December 30, 2022, article - Nucor Leads U.S. Steel-Manufacturing Kickoffs in First Quarter.

Beyond the first quarter, Nucor is preparing to begin construction on a new galvanizing line at its Berkeley Steel Mill in Huger, South Carolina, which will produce up to 500,000 tons per year of galvanized steel up to 72 inches wide, as well as expand its output of corrosion-resistant products. The company also is weighing a series of modernization projects at Berkeley, which would include a new air separation unit to better supply industrial gases. Berkeley's current production stands at 3.7 million tons per year. Subscribers can read detailed reports on the new galvanizing line and proposed modernizations.

Nucor also is considering a proposed two-phase expansion of its steel-processing plant in Blytheville, Arkansas, which is managed by Calstrip Industries Incorporated. Blytheville's first phase was completed in 2019. Calstrip is owned by Steel Technologies LLC (Louisville, Kentucky), itself owned by NuMit LLC, a 50:50 joint venture between Nucor and Mitsui & Company Limited (Tokyo, Japan). Subscribers can read detailed project reports on Phase I, Phase II and Phase III.

In first-quarter 2022, Nucor completed a galvanizing line addition at its Hickman plant in Blytheville, which kicked off in 2019 and added 455,000 tons per year of steel sheet metal. For more information on the projects at Berkeley and Hickman, as well as activity at Nucor's five sheet mills (all with galvanizing lines) throughout the U.S., see October 3, 2022, article - Steelmaker Nucor Extends Buildout with New Galvanizing Lines.

Earlier this month, Nucor announced it had rolled its first steel plate at its new mill in Brandenburg, Kentucky. Final commissioning of the mill and its first shipments are expected before the end of the current quarter, and the company is nearing the completion of a blast and prime line and a rail loop at the facility. According to the company, 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. Subscribers can read detailed reports on the mill and its new lines and railway.

Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.

Subscribers can click here for a full list of reports for active projects from Nucor.

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).

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