Nucor: Cost Of Carbon Legislation Still A Concern

ALAN SAYRE

NEW ORLEANS (AP) — The head of steelmaker Nucor Corp. indicated Thursday that the possible cost of any carbon legislation that emerges from Congress is still a key concern as the company decides whether to build a pig iron plant in Louisiana or South America.

The Charlotte, N.C.-based company is considering a site near Convent in St. James Parish — along with another in Brazil — for the $2.1 billion project that would initially employ 500 people at an annual average salary of $75,000. It would be one of Louisiana's largest economic development projects ever.

During a conference call with investment analysts, Chief Executive Dan DiMicco said the company was still waiting to get needed environmental permits in Louisiana, which have been the target of a lawsuit. He did not give any sort of a timetable for when a decision would be made.

"We're sitting here waiting to see what our enlightened Congress does with global warming legislation," said DiMicco, a critic of programs to sell and trade credits for carbon emissions.

DiMicco has said that a U.S. cap-and-trade system would add major costs to domestic steel manufacturing and would be an unfair burden — as well as do little for the environment — if foreign competitors, such as those in Brazil, do not face the same restrictions.