CHARLOTTE, N.C.,
April 4,
2024 /PRNewswire/ -- Nucor Corporation
(NYSE: NUE) announced today that it is introducing a weekly
Nucor Consumer Spot Price (CSP) to provide its customers with
consistent and transparent communications regarding the Company's
hot-rolled coil spot pricing. Nucor will issue the first CSP on
Monday, April 8, 2024.
"We are constantly looking for better ways to serve our
customers, not only with quality products and services, but also
with timely information that will help them make informed decisions
for their businesses. The CSP will give our customers relevant
and current information about Nucor's sheet business in a rapidly
changing marketplace, which we believe will reduce their reliance
on speculation and reduce risk," said Rex
Query, Executive Vice President of Sheet Products for Nucor
Corporation.
The CSP will be released every Monday, communicating
Nucor's hot-rolled spot price for the week to Nucor customers. It
will remain in effect until the next weekly publication. Nucor CSP
pricing will be derived from both quantitative and qualitative
data. Lead times for all spot orders will be offered between three
and five weeks to assist customers with their planning.
"Over the last six decades, Nucor has continued to differentiate
itself by innovating and finding new ways to provide solutions to
our valued customers," said Query. "The CSP is yet another
tool that will help our customers succeed over the long term and
strengthen our status as one of America's most diversified and
efficient industrial manufacturers."
About Nucor
Nucor and its affiliates are
manufacturers of steel and steel products, with operating
facilities in the United States,
Canada and Mexico. Products produced include: carbon and
alloy steel -- in bars, beams, sheet and plate; hollow structural
section tubing; electrical conduit; steel racking; steel piling;
steel joists and joist girders; steel deck; fabricated concrete
reinforcing steel; cold finished steel; precision castings; steel
fasteners; metal building systems; insulated metal panels; overhead
doors; steel grating; wire and wire mesh; and utility structures.
Nucor, through The David J. Joseph Company and its affiliates, also
brokers ferrous and nonferrous metals, pig iron and hot briquetted
iron/direct reduced iron; supplies ferro-alloys; and processes
ferrous and nonferrous scrap. Nucor is North America's largest recycler.
Forward-Looking Statements
Certain statements
contained in this news release are "forward-looking statements"
that involve risks and uncertainties which we expect will or may
occur in the future and may impact our business, financial
condition and results of operations. The words "anticipate,"
"believe," "expect," "intend," "project," "may," "will," "should,"
"could" and similar expressions are intended to identify those
forward-looking statements. These forward-looking statements
reflect the Company's best judgment based on current information,
and, although we base these statements on circumstances that we
believe to be reasonable when made, there can be no assurance that
future events will not affect the accuracy of such forward-looking
information. As such, the forward-looking statements are not
guarantees of future performance, and actual results may vary
materially from the projected results and expectations discussed in
this news release. Factors that might cause the Company's actual
results to differ materially from those anticipated in
forward-looking statements include, but are not limited to: (1)
competitive pressure on sales and pricing, including pressure from
imports and substitute materials; (2) U.S. and foreign trade
policies affecting steel imports or exports; (3) the sensitivity of
the results of our operations to general market conditions, and in
particular, prevailing market steel prices and changes in the
supply and cost of raw materials, including pig iron, iron ore and
scrap steel; (4) the availability and cost of electricity and
natural gas, which could negatively affect our cost of steel
production or result in a delay or cancellation of existing or
future drilling within our natural gas drilling programs; (5)
critical equipment failures and business interruptions; (6) market
demand for steel products, which, in the case of many of our
products, is driven by the level of nonresidential construction
activity in the United States; (7)
impairment in the recorded value of inventory, equity investments,
fixed assets, goodwill or other long-lived assets; (8)
uncertainties and volatility surrounding the global economy,
including excess world capacity for steel production, inflation and
interest rate changes; (9) fluctuations in currency conversion
rates; (10) significant changes in laws or government regulations
affecting environmental compliance, including legislation and
regulations that result in greater regulation of greenhouse gas
emissions that could increase our energy costs, capital
expenditures and operating costs or cause one or more of our
permits to be revoked or make it more difficult to obtain permit
modifications; (11) the cyclical nature of the steel industry; (12)
capital investments and their impact on our performance; (13) our
safety performance; (14) our ability to integrate businesses we
acquire; and (15) the impact of the COVID-19 pandemic, any variants
of the virus, and any other similar pandemic or public health
situation. These and other factors are discussed in Nucor's
regulatory filings with the United States Securities and Exchange
Commission, including those in "Item 1A. Risk Factors" of Nucor's
Annual Report on Form 10-K for the year ended December 31, 2023. The forward-looking statements
contained in this news release speak only as of this date, and
Nucor does not assume any obligation to update them, except as may
be required by applicable law.
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SOURCE Nucor Corporation