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Released May 01, 2025 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Nucor Corporation (NYSE:NUE) (Charlotte, North Carolina) expects about $3 billion in capital expenditures (capex) this year--which is roughly flat compared with 2024's amount--with about two-thirds of the spend attributed to growth projects. Industrial Info is tracking 75 capital Nucor projects, worth $7.45 billion.
First-quarter capex totaled $859 million.
In Nucor's first-quarter earnings conference call, Chief Financial Officer Steve Laxton said about half of the 2025 capex would go toward the ongoing construction of Nucor's $3.1 billion sheet mill in Apple Grove, West Virginia. Also on the call, Chief Executive Officer Leon Topalian said project construction was nearing its midpoint and equipment installation was well underway. "We remain on schedule to commission the mill by the end of next year and look forward to supplying the markets with some of North America's cleanest and most advanced sheet steels," Topalian added.
The 3 million-ton-per-year mill will supply customers in the Midwest and Northeast with hot-rolled sheet products. Downstream processing includes a tandem cold mill, annealing capabilities and, initially, two galvanizing lines.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for the project report.
Topalian noted several other capital projects will commence operations within the next 12 months. Within Nucor's bar mill group, the 430,000-ton-per-year rebar micro mill in Lexington, North Carolina, which will cater to developers of roads, buildings, sidewalks and other structures, rolled its first billet in April; commercial shipments are expected to begin in the third quarter.
Meanwhile, the new melt shop at Nucor's steel rolling mill in Kingman, Arizona, which produces products such as straight-length rebar, coiled rebar and wire rod, is expected to be operational in the third quarter. The 630,000-ton-per-year melt shop will add capacity to the 500,000-ton-per-year mill. Subscribers can read more information on the Lexington and Kingman projects.
He also noted "considerable headway" with new coating capability at existing sheet mills, including the new galv (galvanizing) line in Berkeley County, South Carolina. The 500,000-ton-per-year line, construction of which is on track to be completed by mid-2026, will produce galvanized steel up to 72 inches wide. Subscribers can click here to read the project report.
Lastly, Topalian provided updates on two projects from Nucor's Towers and Structures business, which manufactures steel poles and structures for utility infrastructure: transmission tower-manufacturing plants in Trinity, Alabama and Crawfordsville, Indiana, respectively. He said customers were already beginning to tour the Alabama plant, where operations are slated to begin in the third quarter, while the Indiana plant is on track to begin operations in the first quarter of 2026. Subscribers can read more information on the Alabama and Indiana projects.
Topalian also discussed Nucor's position in the current market and its future outlook, in the wake of President Donald Trump's tariffs and market volatility. In the first quarter, the steelmaker saw backlogs rise over 30% in its mill segments and rise nearly 25% in steel products, although he said a portion of this may be pulled forward.
"However, we continue to see very healthy order entry rates and relative stable pricing."
In addition, Topalian indicated tariffs on equipment imports would not affect the company's projects. "It's not from an overall perspective a significant needle mover to Nucor this year or in the coming." The unaffected projects include the construction of the West Virginia mill; equipment for that effort already has been delivered.
He added the company is well positioned to weather any effect on raw materials.
Regarding the company's balance sheet, net sales for its recently ended fiscal first quarter were reported to be $7.83 billion, up 11% compared with fourth-quarter 2024. However, first-quarter net earnings stood at $156 million, down from $845 million in first-quarter 2024. Nucor attributed much of this decline to one-time charges related to closing or repurposing certain facilities in the steel products segment and ceasing production of wire rod at its Connecticut bar mill.
In particular, the steel mills segment showed a 43% increase in adjusted pre-tax earnings compared with the first quarter.
The company expects second-quarter earnings to increase across all three of its operating segments--steel mills, steel products and raw materials--with the largest increase in the steel mills segment. That increase is "primarily due to higher average selling prices" at sheet and plate mills.
Subscribers can click here for a full list of Nucor's active capital project activity.
Click here to see reports for all of the projects discussed in this article and click here for the plant profiles.
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 over 200,000 current and future projects worth $17.8 Trillion (USD).
First-quarter capex totaled $859 million.
In Nucor's first-quarter earnings conference call, Chief Financial Officer Steve Laxton said about half of the 2025 capex would go toward the ongoing construction of Nucor's $3.1 billion sheet mill in Apple Grove, West Virginia. Also on the call, Chief Executive Officer Leon Topalian said project construction was nearing its midpoint and equipment installation was well underway. "We remain on schedule to commission the mill by the end of next year and look forward to supplying the markets with some of North America's cleanest and most advanced sheet steels," Topalian added.
The 3 million-ton-per-year mill will supply customers in the Midwest and Northeast with hot-rolled sheet products. Downstream processing includes a tandem cold mill, annealing capabilities and, initially, two galvanizing lines.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for the project report.
Topalian noted several other capital projects will commence operations within the next 12 months. Within Nucor's bar mill group, the 430,000-ton-per-year rebar micro mill in Lexington, North Carolina, which will cater to developers of roads, buildings, sidewalks and other structures, rolled its first billet in April; commercial shipments are expected to begin in the third quarter.
Meanwhile, the new melt shop at Nucor's steel rolling mill in Kingman, Arizona, which produces products such as straight-length rebar, coiled rebar and wire rod, is expected to be operational in the third quarter. The 630,000-ton-per-year melt shop will add capacity to the 500,000-ton-per-year mill. Subscribers can read more information on the Lexington and Kingman projects.
He also noted "considerable headway" with new coating capability at existing sheet mills, including the new galv (galvanizing) line in Berkeley County, South Carolina. The 500,000-ton-per-year line, construction of which is on track to be completed by mid-2026, will produce galvanized steel up to 72 inches wide. Subscribers can click here to read the project report.
Lastly, Topalian provided updates on two projects from Nucor's Towers and Structures business, which manufactures steel poles and structures for utility infrastructure: transmission tower-manufacturing plants in Trinity, Alabama and Crawfordsville, Indiana, respectively. He said customers were already beginning to tour the Alabama plant, where operations are slated to begin in the third quarter, while the Indiana plant is on track to begin operations in the first quarter of 2026. Subscribers can read more information on the Alabama and Indiana projects.
Topalian also discussed Nucor's position in the current market and its future outlook, in the wake of President Donald Trump's tariffs and market volatility. In the first quarter, the steelmaker saw backlogs rise over 30% in its mill segments and rise nearly 25% in steel products, although he said a portion of this may be pulled forward.
"However, we continue to see very healthy order entry rates and relative stable pricing."
In addition, Topalian indicated tariffs on equipment imports would not affect the company's projects. "It's not from an overall perspective a significant needle mover to Nucor this year or in the coming." The unaffected projects include the construction of the West Virginia mill; equipment for that effort already has been delivered.
He added the company is well positioned to weather any effect on raw materials.
Regarding the company's balance sheet, net sales for its recently ended fiscal first quarter were reported to be $7.83 billion, up 11% compared with fourth-quarter 2024. However, first-quarter net earnings stood at $156 million, down from $845 million in first-quarter 2024. Nucor attributed much of this decline to one-time charges related to closing or repurposing certain facilities in the steel products segment and ceasing production of wire rod at its Connecticut bar mill.
In particular, the steel mills segment showed a 43% increase in adjusted pre-tax earnings compared with the first quarter.
The company expects second-quarter earnings to increase across all three of its operating segments--steel mills, steel products and raw materials--with the largest increase in the steel mills segment. That increase is "primarily due to higher average selling prices" at sheet and plate mills.
Subscribers can click here for a full list of Nucor's active capital project activity.
Click here to see reports for all of the projects discussed in this article and click here for the plant profiles.
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 over 200,000 current and future projects worth $17.8 Trillion (USD).
