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Released July 27, 2021 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Steel producer Nucor Corporation (NYSE:NUE) (Charlotte, North Carolina) is making progress on a number of key projects as it enjoys record profits, according to the company's top executives. Industrial Info is tracking more than $3.7 billion worth of active capital Nucor projects, including $978 million worth that are under construction.
"We now estimate total-year capital spending of approximately $1.8 billion," said Chief Financial Officer James Frias during the company's second-quarter earnings conference call last week. He added: "Each of our three most significant capital projects, the expansion and modernization of the Gallatin, Kentucky, sheet mill, the Generation 3 flexible galvanizing line at the Hickman, Arkansas, sheet mill, and the greenfield Brandenburg, Kentucky, plate mill--remain on schedule. At Brandenburg, the timing of some equipment deliveries has been delayed but overall, the project remains on schedule for a late 2022 commissioning."
At the Gallatin site in Ghent, Kentucky, the capacity of the 1.6 million-ton-per-year steel mill is being expanded to 3 million tons per year. The project includes construction of a new building and the installation of a new tunnel furnace and other equipment, as well as upgrading the existing six-stand finishing mill so that it can produce coils up to 73 inches wide. The expanded operations are expected to be up and running by the end of this year, company executives said during the July 22 conference call. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for detailed reports.
Construction on the 455,000-ton-per-year galvanizing line addition at the mill in Hickman, Arkansas, kicked off in 2019 and is expected to be completed in the third quarter of this year, ramping up to full production soon thereafter. Subscribers can click here for Industrial Info's project report.
Construction on Nucor's grassroot 1.2 million-ton-per-year steel plate mill in Brandenburg, Kentucky, is scheduled to kick off in fourth-quarter 2021, with completion in the fourth quarter of 2022. The mill will be capable of producing cut-to-length, coiled, heat-treated, and discrete plates ranging in width from 60 inches to 160 inches. Click here for Industrial Info's project report.
Nucor reported record consolidated net earnings of $1.51 billion for the just-ended second quarter, compared with $108.9 million in second-quarter 2020. In the first six months of 2021, the company reported consolidated net earnings of $2.45 billion, compared with consolidated net earnings of $129.2 million in the first six months of 2020.
Overall operating rates at the company's steel mills increased to 97% in the second quarter of 2021, compared with 68% in the second quarter of 2020. "We expect to set a new record for quarterly earnings in the third quarter of 2021 as demand remains robust and virtually all the steel end-use markets that we monitor are growing," said Nucor Chief Executive Officer Leon Topalian in a press release.
"Virtually all the steel end-use markets that we monitor are growing," Topalian said during the company's earnings conference call, adding that "we think it goes beyond a temporary rebound," with "increasing confidence about next year that we sense from our customers ranging from automotive, trucking, heavy and ag equipment, and across the construction sector."
New drivers for growth include warehouses for e-commerce, renewable energy projects, and an increase in U.S. manufacturing investment focused on greater supply chain resiliency, Topalian said.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
"We now estimate total-year capital spending of approximately $1.8 billion," said Chief Financial Officer James Frias during the company's second-quarter earnings conference call last week. He added: "Each of our three most significant capital projects, the expansion and modernization of the Gallatin, Kentucky, sheet mill, the Generation 3 flexible galvanizing line at the Hickman, Arkansas, sheet mill, and the greenfield Brandenburg, Kentucky, plate mill--remain on schedule. At Brandenburg, the timing of some equipment deliveries has been delayed but overall, the project remains on schedule for a late 2022 commissioning."
At the Gallatin site in Ghent, Kentucky, the capacity of the 1.6 million-ton-per-year steel mill is being expanded to 3 million tons per year. The project includes construction of a new building and the installation of a new tunnel furnace and other equipment, as well as upgrading the existing six-stand finishing mill so that it can produce coils up to 73 inches wide. The expanded operations are expected to be up and running by the end of this year, company executives said during the July 22 conference call. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for detailed reports.
Construction on the 455,000-ton-per-year galvanizing line addition at the mill in Hickman, Arkansas, kicked off in 2019 and is expected to be completed in the third quarter of this year, ramping up to full production soon thereafter. Subscribers can click here for Industrial Info's project report.
Construction on Nucor's grassroot 1.2 million-ton-per-year steel plate mill in Brandenburg, Kentucky, is scheduled to kick off in fourth-quarter 2021, with completion in the fourth quarter of 2022. The mill will be capable of producing cut-to-length, coiled, heat-treated, and discrete plates ranging in width from 60 inches to 160 inches. Click here for Industrial Info's project report.
Nucor reported record consolidated net earnings of $1.51 billion for the just-ended second quarter, compared with $108.9 million in second-quarter 2020. In the first six months of 2021, the company reported consolidated net earnings of $2.45 billion, compared with consolidated net earnings of $129.2 million in the first six months of 2020.
Overall operating rates at the company's steel mills increased to 97% in the second quarter of 2021, compared with 68% in the second quarter of 2020. "We expect to set a new record for quarterly earnings in the third quarter of 2021 as demand remains robust and virtually all the steel end-use markets that we monitor are growing," said Nucor Chief Executive Officer Leon Topalian in a press release.
"Virtually all the steel end-use markets that we monitor are growing," Topalian said during the company's earnings conference call, adding that "we think it goes beyond a temporary rebound," with "increasing confidence about next year that we sense from our customers ranging from automotive, trucking, heavy and ag equipment, and across the construction sector."
New drivers for growth include warehouses for e-commerce, renewable energy projects, and an increase in U.S. manufacturing investment focused on greater supply chain resiliency, Topalian said.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
