Nucor Joining the United Nations 24/7 Carbon-Free Energy Global Compact
Nucor Corporation (NYSE: NUE) has joined the United Nations 24/7 Carbon-Free Energy Global Compact, becoming the first major industrial company to commit to this initiative aimed at accelerating global decarbonization of electricity systems. CEO Leon Topalian emphasized Nucor's legacy of producing low-carbon steel and its commitment to clean energy sources like wind, solar, and nuclear. The company is investing in projects to access 24/7 clean energy at its steel mills, including a strategic investment in NuScale Power Corporation (NYSE: SMR) for developing zero-carbon nuclear energy solutions.
- First major industrial company to join the UN 24/7 Carbon-Free Energy Global Compact.
- Commitment to low-carbon steel production and clean energy adoption.
- Strategic investment in NuScale Power for zero-carbon nuclear energy development.
- None.
CHARLOTTE, N.C., Nov. 15, 2022 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced today it is joining the United Nations 24/7 Carbon-Free Energy Global Compact ("Compact"). Nucor is the first major industrial company to join this global effort, which is aimed at accelerating the decarbonization of the world's electricity systems to mitigate climate change and ensure access to clean and affordable electricity.
"For more than five decades, Nucor has been built on the sustainable model of producing steel with a low carbon footprint by recycling scrap metal into new steel and steel products. As the first major industrial company in the world to join the compact, we will build on this legacy by taking a leadership role in the world's transition to 24/7 clean energy," said Leon Topalian, Nucor's Chair, President, and Chief Executive Officer. "In order for us to achieve a carbon-free energy future while also meeting the growing demand for energy, it is critical that we embrace all forms of clean, zero-carbon energy sources, from wind, solar and hydro, to nuclear power."
To further its commitment, Nucor is working with its electricity suppliers to access 24/7 clean energy at the company's steel mills. It is actively investing in a number of innovative projects that it believes will accelerate the transition to 24/7 clean energy. For example, in April 2022, Nucor announced a strategic investment in NuScale Power Corporation (NYSE: SMR), a developer of small modular reactor nuclear plants. Nucor believes this technology presents an incredible opportunity to develop a safe, modern, zero-carbon nuclear energy future.
The Compact was formed in response to the urgent need to drive rapid decarbonization across the global economy. A group of energy buyers, energy suppliers, governments, system operators, solutions providers, investors and other organizations joined together to adopt, enable and advance the transition to a zero-carbon electrical grid. The Compact is a set of principles and actions that stakeholders across the energy ecosystem can commit to in order to drive systemic change.
"We applaud the United Nations, Sustainable Energy for All, Google, and the other signatories for their leadership on this issue," said Topalian. "A sustainability movement is expanding around the world like we have never seen before, and as one of the largest recyclers on the planet, Nucor is in a position of strength to set the bar for the rest of the world."
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; and wire and wire mesh. Nucor, through The David J. Joseph Company, 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.
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SOURCE Nucor Corporation
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