Nucor (NUE) Enters Into Carbon Capture & Storage Agreement with ExxonMobil (XOM)
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Nucor Corporation (NYSE: NUE) announced today that it has signed an agreement with ExxonMobil (NYSE: XOM) to capture, transport, and store carbon from the company's direct reduced iron (DRI) plant in
"This transformative CCS project with ExxonMobil is a key part of our decarbonization strategy and will result in some of the lowest embodied carbon DRI or HBI in
The project is expected to start-up in 2026 and supports
"This collaboration with Nucor is the latest example of how we're delivering on our mission to help accelerate the world's path to net zero," said
With its recycling-based production method, Nucor is already one of the cleanest steelmakers in the world. The circular nature of remelting recycled scrap in electric arc furnaces means that Nucor's steel mills generate roughly two-thirds less than the carbon dioxide of extractive blast furnace steelmaking plants, even when accounting for Scope 3 emissions, which include all upstream and downstream emissions in the supply chain. Nucor is one of the first steel companies to disclose its Scope 3 emissions. This carbon capture and storage agreement with ExxonMobil furthers Nucor's status as a sustainability leader and builds on the innovation that has enabled the company to produce steel and steel products with low embodied carbon.
About Nucor
Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in
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)
View original content:https://www.prnewswire.com/news-releases/nucor-enters-into-carbon-capture--storage-agreement-with-exxonmobil-301839997.html
SOURCE Nucor Corporation
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