FINdex: Nucor Shares More Than Double in 2021
Nucor Corp. topped the FIN Fastener Index in 2021.
The steelmaker, which manufactures industrial fasteners through its Nucor Fastener division, saw its publicly-traded shares more than double during 2021, with its share value increasing 115% during the year.
During a tumultuous year that saw international shipping rates skyrocket, Nucor capitalized on its position as a domestic steel manufacturer, boosted by U.S. tariffs on steel imports.
In late 2021, Nucor Fastener acquired “an existing state-of-the-art coil processing facility” in Shelbyville, IN. The facility includes an automated clean and coat line, 2 STC furnaces and wire drawing capabilities.
In addition to coil processing, Nucor Fastener will also be expanding its fastener manufacturing capabilities by installing bolt making equipment at the Shelbyville facility. This new operation will employ 33 team members at the outset with the potential to double those jobs as it reaches full capacity.
“We are excited to grow our Fastener Division with the acquisition of these assets,” said Joey Loosle, GM of Nucor Fastener. “Adding bolt making capability to the Shelbyville facility will help expand our offerings to the automotive, heavy truck, industrial/MRO and structural fastener markets.”
In July, Nucor Corp. agreed to acquire Hannibal Industries, Inc. for $370 million. Hannibal supplies racking solutions to warehouses for the e-commerce, industrial, food storage and retail segments.
Hannibal Industries has manufacturing facilities in Los Angeles and Houston, as well as three distribution centers. It utilizes sheet and bar steel, as well as steel decking, wire deck and fasteners to produce its racking solutions, providing potential supply chain efficiencies with other Nucor businesses, including Nucor Fastener.
Nucor entered the fastener business in 1986 when it opened its $25 million plant in St. Joe, IN. The automated facility’s capacity is more than 75,000 tons of hex-head cap screws, hex bolts, structural bolts and custom engineered fasteners manufactured by 240 workers. Web: nucor-fastener.com
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