CHARLOTTE, N.C.,
Jan. 16,
2025 /PRNewswire/ -- Today, Nucor Corporation
(NYSE: NUE) announced that the Global Steel Climate Council
(GSCC) certified the Company's Science-Based Emissions Targets
(SBET). The SBET submitted by Nucor, a Founding Member Company of
the GSCC, sets an ambitious goal of reducing emissions by 2030 for
its hot rolled steel production, which includes Scopes 1, 2, and 3
emissions.
"Nucor is a global leader in low embodied carbon steel
production, and they are proving that innovation and vision will
drive the steel industry to meet the global community's Net Zero by
2050 call to action. We congratulate Nucor for investing in
initiatives that will see the company meet the ambitious interim
and long-term targets that the GSCC has certified," said
Adina Renee Adler, Executive
Director, GSCC.
In the submission for GSCC certification, which was
independently verified by SCS Global Services, Nucor uses a 2023
base year to set an interim SBET of 0.975 metric tons of CO2e per
metric ton of hot-rolled steel produced by 2030.
In addition, Nucor previously set a net-zero by 2050 target that
entails achieving 0.116 metric tons of CO2e per metric ton of
hot-rolled steel produced, making Nucor the first diversified
steelmaker in the U.S. to set greenhouse gas (GHG) emission
reduction targets that include Scopes 1, 2, and 3. These targets
were set in compliance with the GSCC Steel Climate Standard, and
Nucor's long-term target exceeds the Standard's 2050 objective.
Nucor is already one of the cleanest steel producers in the
world. The company's circular production process uses an average of
nearly 80 percent recycled scrap and has one-third the GHG
intensity of the average traditional extractive steelmaking process
using a blast furnace.
Nucor will achieve its goals by increasing the use of clean
electricity, carbon capture and sequestration, and near-zero GHG
iron making. Nucor will also utilize technologies to reduce its
consumption of injection and charge carbon and will reduce the use
of natural gas in its production processes.
"These targets and the certification provided by our partners at
GSCC further demonstrates Nucor's leadership in providing American
made low embodied carbon steel while also giving customers,
investors, and policymakers confidence in our roadmap and strategy
for achieving our carbon reduction goals," said Greg Murphy, Nucor's Executive Vice President of
Business Services, Sustainability and General Counsel.
Science-based emissions targets provide a pathway for companies
to reduce GHG emissions, in line with the latest climate science
necessary to meet the goals of the Paris Agreement, limiting global
warming to 1.5°C above pre-industrial levels, and helping to
prevent the worst impacts of climate change.
The GSCC Steel Climate Standard, adopted in August 2023 as a global standard to measure and
report steel carbon emissions, also provides a framework for
members to seek third-party verified certification of the emissions
intensity of facility-specific products and to self-audit these
emissions yearly to demonstrate continuous decarbonization
progress.
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