Nucor provides one-year update on new sheet steel mill in West Virginia

Nucor provided a one-year update on the status of its new sheet steel mill in West Virginia, including the approval by the company’s Board of Directors to provide additional capital to fund the construction of the project. The new mill will have an annual capacity of 3M tons per year, and employ as many as 2,000 construction workers during the building phase and approximately 800 full-time teammates when it is fully operational. "We remain incredibly excited about our Nucor Steel West Virginia mill and its advanced capabilities that will expand our ability to provide our customers with the cleanest and highest-quality steel products, particularly for demanding automotive and construction applications," said Leon Topalian, Chair, President and CEO of Nucor Corporation. "The Midwest and Northeast consume half the sheet steel in the United States. This transformative project will provide customers in these high-demand regions with more sustainable sheet steel, create long-term value for our shareholders and fuel additional growth for Nucor." Nucor now expects a net cash outlay of approximately $3.1B for the West Virginia sheet mill, up from $2.7B when the project was first announced in September 2021. The revised $3.1B estimate is net of $275M in cash proceeds received from the State of West Virginia for costs related to the Apple Grove site location. Factors contributing to the increased capital cost include general inflation, the acquisition of additional property and equipment, and expanded port and rail infrastructure requirements. To date, Nucor Steel West Virginia has received all required state permits and is working to secure federal permits this spring. Construction of the new sheet mill is expected to take 2-3 years once all the necessary permit approvals have been received, and Nucor Steel West Virginia is actively hiring teammates to grow its team in the state. When operational, the new mill will be the most capable sheet mill in the region with a significantly lower carbon footprint than its competitors. It will be equipped to produce 84-inch sheet products, and among other features, will include a 76-inch tandem cold mill and two galvanizing lines capable of producing advanced high-end automotive and construction grades. Nucor Steel West Virginia will have a freight advantage and unmatched capabilities that will enable the continued expansion of Nucor’s high-quality, low-carbon steel product offerings.