This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Storage Dome Collapse At Nucor Steel Louisiana

CHARLOTTE, N.C., Sept. 26, 2013 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced that yesterday afternoon a storage dome collapsed at Nucor Steel Louisiana in St. James Parish.  There were no injuries and no environmental impact.  Nucor Steel Louisiana is finishing construction of its new Direct Reduced Iron (DRI) plant on the site and had planned to begin production within a few weeks.  Based on our preliminary assessment, we are currently forecasting the start-up of operations will now be delayed until the end of the year.

Direct reduced iron is one of the raw materials used in steelmaking and is produced by using natural gas to convert iron ore pellets into DRI.  The iron ore pellets are stored in domes.  The collapsed storage dome was one of three on the site.  Once in full operation, the DRI plant is anticipated to produce 2.5 million tons of DRI per year, making it the largest DRI plant in the world and the first one operating in the U.S. in several years.  Construction and hot commissioning of the plant are continuing during the incident investigation and damage assessment.

The DRI project is a $750 million project.  Nucor Steel Louisiana has hired 140 people to work at the plant with a planned hiring goal of 150.  Construction of the plant has been underway for two years and has employed more than 600 construction workers during that time.

Nucor and affiliates are manufacturers of steel products, with operating facilities primarily in the U.S. and Canada. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; steel grating and expanded metal; and wire and wire mesh. Nucor, through The David J. Joseph Company, also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap.  Nucor is North America's largest recycler.

Certain statements made in this news release are forward-looking statements that involve risks and uncertainties.  The words "expect", "believe", "would" and similar expressions are intended to identify those forward-looking statements.  These forward-looking statements reflect our 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 or information will not materially affect the accuracy of such statements.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs