Steel Mills
Nucor Slates $58M for Nebraska Bar Mill Modernization
Written by Michael Cowden
May 5, 2021
Nucor plans to spend $58 million to upgrade its engineered bar mill in Norfolk, Neb., with the aim of increasing sales to the automotive industry.
The modernization project is expected to be completed in the fourth quarter of 2022, the electric-arc furnace steelmaker said.
The scope of work will include adding a new reheat furnace, intermediate mill, and coil inspection and trimming station, the company said.
“The upgrades we are making to our engineered bar mill in Nebraska are part of our efforts to continue to grow the number of tons we sell to the automotive market,” Nucor President and CEO Leon Topalian said in a statement.
“This investment is part of our greater commercial strategy to align our product mix with current and future demand of our customers,” he said.
The upgrades should result in engineered bar and coil products with better surface quality and lower decarburization. They will also keep Nucor workers safer by keeping them away from the rolling process, the company said.
Also known as Nucor Steel Nebraksa, the Norfolk bar mill has been in operation since 1973. Nucor said it “invested heavily” in the plant from 2012-15 to increase its output of special bar quality (SBQ) steel for demanding end markets such as energy, automotive and heavy equipment.
By Michael Cowden, Michael@SteelMarketUpdate.com
Michael Cowden
Read more from Michael CowdenLatest in Steel Mills
Cliffs steadfast in commitment to Middletown decarb project
Cleveland-Cliffs Inc. on Monday reiterated its commitment to a major decarbonization project at its Middletown Works in Ohio, despite an earlier report suggesting otherwise.
Nucor expects lower steel prices to drive Q3 earnings decline
Nucor blamed lower steel prices for weaker third-quarter results in earnings guidance released on Tuesday.
SDI guides toward lower Q3 earnings on weaker flat-rolled steel prices
Steel Dynamics Inc. (SDI) expects lower third-quarter earnings on the heels of “meaningfully lower” prices at its flat-rolled steel operations. The Fort Wayne, Ind.-based steelmaker expects Q3’24 earnings of $1.94 to $1.98 per diluted share, according to figures released on Monday. That’s down from $2.72 per share in Q2’24 and down from $3.47 per share in Q3’23.
Stelco shareholders OK $2.5B sale to Cliffs
Stelco shareholders voted overwhelmingly on Monday to OK the $2.5-billion sale of the Canadian flat-rolled steelmaker to Cleveland-Cliffs. Indeed, 99.97% of those who cast ballots voted to approve the deal, according the Hamilton, Ontario-based steelmaker.
White House may delay decision on USS-Nippon deal until after election: report
The White House decision on blocking Nippon Steel’s play for Pittsburgh-based U.S. Steel might be pushed back until after the upcoming presidential election, according to a report in the Washington Post.