Nucor defers investments in Kentucky sheet, plate mills

摘要

Nucor has decided to delay planned capital expenditures associated with its sheet mill expansion at Gallatin and its $1.35 billion plate mill project in Kentucky as the company looks to conserve capital amid the coronavirus pandemic, company executives said Tuesday. Nucor previously said it planned to spend $3.5 billion on expansion projects through 2022. The company on Tuesday lowered its 2020 estimated capital expenditures to less than $1.5 billion, down from an initial projection of $2 billion in spending for the year. "Both of those are a pause in timing, not strategy," Nucor CEO Leon Topalian said Tuesday during the company's first quarter conference call with analysts, in reference to the sheet and plate mill projects in Kentucky.