U.S. Steelmakers Gird for $1 Billion in First-Quarter Kickoffs
SUGAR LAND, Texas–(BUSINESS WIRE)–Three major steel producers are leading capital investments set to kick off across the U.S. in January, with demand from the automotive and renewable-energy industries driving their capacity additions.
Industrial Info is tracking more than $1 billion worth of steel-manufacturing projects that are set to begin construction in the first quarter of 2025, with revamps accounting for the largest number of developments.
Nucor Corporation (NYSE:NUE) (Charlotte, North Carolina) is preparing to begin work on a $280 million modernization of its steel coil and plate mill in Tuscaloosa, Alabama. The company plans to convert the existing, 1.2 million-ton-per-year plant into a highly advanced tandem Steckel mill, which is designed to produce thinner, stronger, higher-quality plate. SMS Group (Mönchengladbach, Germany), which is providing the technology, says “the improved furnace efficiency reduces the system’s natural gas consumption.”
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Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR’s Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
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