Nucor DRI, value-add plans progress
Oct 19, 2012 | 05:20 PM
| Anne Riley
NEW YORK Nucor Corp. is pushing forward with various downstream and raw materials growth initiatives as it looks to broaden its value-added product offerings and better manage its input costs, the steelmakers top executives said.
To fund those projects, the Charlotte, N.C.-based company allotted some $1 billion for capital expenditures this year, about $692 million of which was already spent in the first nine months of the year, chief financial officer James Frias said during the companys third-quarter earnings conference call.
"The largest project is our Louisiana direct-reduced iron (DRI) raw materials facility currently under construction," Frias said. "There are many other projects being implemented throughout our upstream, steelmaking and downstream businesses to develop new products, increase quality and reduce costs."
The DRI project, which saw construction begin in 2011, is still on schedule for a mid-2013 ramp-up, Nucor president and chief operating officer John Ferriola said during the conference call.....
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