Steel News

Nucor Relaunches Two Flat-Rolled Investments

7/28/2020 - Nucor Corp. is resuming work on two major capital projects that it paused earlier this year as the country shut down in response to the COVID-19 pandemic. 

Speaking during the company’s second-quarter earnings call, chief executive Leon Topalian said the company is proceeding at full speed on its new plate mill and the expansion of its Gallatin sheet mill, both in Kentucky.  

“Our decision is guided by the incredible market opportunities these investments afford us, our strong operating cash flow and the adjustments we have been able to make across the company in response to the pandemic,” Topalian said. 

Topalian said that despite the pause, Nucor is continuing to plan for a Q4 2022 start-up of the plate mill. The company doesn’t foresee a need to delay the opening he said, because engineering work continued through the pause. 

“Despite slowing down the capex spend, the team has done a great job,” Topalian said. 

However, the completion of the Gallatin project likely will be delayed by a few months, with the targeted start-up now at the midpoint of next year.  

“We're still trying to work through that and then figure out if we can make up that time still,” he said.