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Released January 29, 2025 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Steelmaker Nucor Corporation (NYSE:NUE) (Charlotte, North Carolina) is optimistic about market conditions in the coming year, despite a difficult fourth quarter that saw weak selling prices eat away at earnings and revenues. One profitable area was recycled steel, which the company aims to expand in coming years. Industrial Info is tracking more than $7.7 billion worth of active and planned projects from Nucor, nearly 60% of which is attributed to new site construction.
Click on the image at right for a graph detailing the top 10 U.S. states for active and planned Nucor projects, by total investment value.
Steel demand softened in 2024, as distributors wrestled with rising inventories by cutting back on orders from manufacturers. The resulting drop in volumes and selling prices more than halved net earnings at Nucor from $4.52 billion for full-year 2023 to $2.03 billion for 2024. Net sales dropped 11.5% to $30.73 billion.
"While steel demand softened throughout 2024, market conditions are starting to improve and should gain momentum as we work our way into 2025," said Leon Topalian, the chief executive officer of Nucor, in a quarterly earnings-related press release. He said 2024 was an "active year of construction projects and ramp-ups that are advancing our growth strategy."
Nucor started construction on nearly $900 million worth of U.S.-based projects in 2024, according to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database, including a $370 million galvanizing line addition at its flat-rolled steel mill in Fontana, California. The new line, which will be the third of its kind at the facility, will raise galvanizing capacity from 800,000 to 1.2 million tons per year. The Fontana mill, which serves customers in the automotive and consumer durables markets, is expected to finish construction on the project toward the end of 2025.
The company also started construction on a new, $145 million production plant at its steel mill in Crawfordsville, Indiana. It is the second of two plants at the complex that will produce transmission towers via automation and advanced hot-dip galvanizing operations. Construction is set to wrap up in the summer. Subscribers to Industrial Info's GMI Project Database can read detailed reports on the Fontana and Crawfordsville projects.
Nucor also is slated for several major project completions in the coming year, notably its $350 million micro mill in Lexington, North Carolina. Originally set for completion in third-quarter 2024, the 430,000-ton-per-year micro mill, which is Nucor's third for rebar, will cater to developers of roads, buildings, sidewalks and other structures.
Already one of North America's largest metal recyclers, Nucor aims to bolster its capacity with a $150 million metals recycling and separation plant in Lake Panasoffkee, Florida. The facility is designed to segregate auto shredder residue (ASR), a waste product from shredded scrap metal, through a wet-separation process. Subscribers can read detailed reports on the Lexington and Lake Panasoffkee projects, which are set to finish construction in the spring and summer of 2025, respectively.
Nucor also is at work on several carbon-capture and storage (CCS) projects that wrap up this year, including a $50 million CCS addition at a direct-reduced iron plant in Convent, Louisiana, which is designed to capture up to 800,000 metric tons per year of carbon dioxide (CO2) from the 5 million-ton-per-year plant. On a smaller scale, the company is installing a $6.2 million CCS unit at a thin-slab steel mill in Ghent, Kentucky, to study the technology's effectiveness for flue gas with low CO2 content. Subscribers can read detailed reports on the Convent and Ghent projects.
With the new technology, Nucor estimates its Convent facility will be able to produce direct-reduced iron with almost 80% less greenhouse gas emissions than with the traditional blast-furnace technology. Nucor announced last year it had partnered with Technip Energies (Nanterre, France) and Exxon Mobil Corporation (NYSE:XOM) (Spring, Texas) to provide the CCS unit.
Subscribers to Industrial Info's GMI Project and Plant databases 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 detailed reports for active and planned 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).
Click on the image at right for a graph detailing the top 10 U.S. states for active and planned Nucor projects, by total investment value.Steel demand softened in 2024, as distributors wrestled with rising inventories by cutting back on orders from manufacturers. The resulting drop in volumes and selling prices more than halved net earnings at Nucor from $4.52 billion for full-year 2023 to $2.03 billion for 2024. Net sales dropped 11.5% to $30.73 billion.
"While steel demand softened throughout 2024, market conditions are starting to improve and should gain momentum as we work our way into 2025," said Leon Topalian, the chief executive officer of Nucor, in a quarterly earnings-related press release. He said 2024 was an "active year of construction projects and ramp-ups that are advancing our growth strategy."
Nucor started construction on nearly $900 million worth of U.S.-based projects in 2024, according to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database, including a $370 million galvanizing line addition at its flat-rolled steel mill in Fontana, California. The new line, which will be the third of its kind at the facility, will raise galvanizing capacity from 800,000 to 1.2 million tons per year. The Fontana mill, which serves customers in the automotive and consumer durables markets, is expected to finish construction on the project toward the end of 2025.
The company also started construction on a new, $145 million production plant at its steel mill in Crawfordsville, Indiana. It is the second of two plants at the complex that will produce transmission towers via automation and advanced hot-dip galvanizing operations. Construction is set to wrap up in the summer. Subscribers to Industrial Info's GMI Project Database can read detailed reports on the Fontana and Crawfordsville projects.
Nucor also is slated for several major project completions in the coming year, notably its $350 million micro mill in Lexington, North Carolina. Originally set for completion in third-quarter 2024, the 430,000-ton-per-year micro mill, which is Nucor's third for rebar, will cater to developers of roads, buildings, sidewalks and other structures.
Already one of North America's largest metal recyclers, Nucor aims to bolster its capacity with a $150 million metals recycling and separation plant in Lake Panasoffkee, Florida. The facility is designed to segregate auto shredder residue (ASR), a waste product from shredded scrap metal, through a wet-separation process. Subscribers can read detailed reports on the Lexington and Lake Panasoffkee projects, which are set to finish construction in the spring and summer of 2025, respectively.
Nucor also is at work on several carbon-capture and storage (CCS) projects that wrap up this year, including a $50 million CCS addition at a direct-reduced iron plant in Convent, Louisiana, which is designed to capture up to 800,000 metric tons per year of carbon dioxide (CO2) from the 5 million-ton-per-year plant. On a smaller scale, the company is installing a $6.2 million CCS unit at a thin-slab steel mill in Ghent, Kentucky, to study the technology's effectiveness for flue gas with low CO2 content. Subscribers can read detailed reports on the Convent and Ghent projects.
With the new technology, Nucor estimates its Convent facility will be able to produce direct-reduced iron with almost 80% less greenhouse gas emissions than with the traditional blast-furnace technology. Nucor announced last year it had partnered with Technip Energies (Nanterre, France) and Exxon Mobil Corporation (NYSE:XOM) (Spring, Texas) to provide the CCS unit.
Subscribers to Industrial Info's GMI Project and Plant databases 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 detailed reports for active and planned 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).
