Author - fluentdesigns

TUCKER, Ga.–(BUSINESS WIRE)– GMS Inc. (NYSE: GMS), a leading North American specialty building products distributor, today provided an update on the continued execution of its platform expansion strategy with its first entries in the New York City market. These include the acquisition of Tanner Bolt and Nut, Inc. and the opening of a ceilings-focused greenfield location. In addition, the Company provided details on other recent openings of greenfield yards and AMES store locations.

“We are excited to announce our first entries in the New York City market with the acquisition of Tanner Bolt and Nut, Inc. and the expansion of our relationship with USG to supply ceiling products from a new greenfield location in Brooklyn,” said John C. Turner, Jr., President and Chief Executive Officer. “We are pleased to take this first step into such a significant market. With Tanner’s focus on tools and fasteners, these additions, along with the establishment of several new greenfield yard locations and AMES stores over the last several months represent our continued commitment to the execution of our strategic priorities of platform expansion and Complementary Product growth.”

Tanner Bolt and Nut, Inc. (“Tanner”); Acquired December 30, 2022

Founded in 1979, Tanner Bolt and Nut, Inc., based in Brooklyn, NY, is a leading distributor of fasteners, tools, safety and related construction products to the broader New York City market. The acquisition of Tanner’s four metro area locations establishes GMS’s inaugural positioning with Complementary Product offerings in the New York Metro area.

Building on a 40+ year legacy in the market, President Jeffrey Tannenbaum and the Tanner team will continue to lead the business, under the Tanner brand name. Tanner will partner with the legacy GMS operations of Capitol Building Supply, Inc., a leader in specialty building products distribution in the Northeast, to serve customers across the region.

Greenfield Location Openings

GMS also established three new greenfield locations since its last platform expansion press release. The activities expand the Company’s presence, provide enhanced service and broaden the product offerings in their respective markets:

• Opened earlier this week, in New York, NY, GMS established a dedicated facility focused on the growth of acoustical ceilings business into the New York City metro area, expanding upon its existing USG relationship in other Northeast markets.
• In Greenville, NC, GMS added to its Colonial Materials, Inc. operations with a location servicing the broader Greenville market.
• In Chester, VA, GMS added its eighth location to the Commonwealth Building Materials platform, enhancing coverage of the Richmond, VA market.

To date, GMS has added six new greenfield locations since the start of fiscal 2023.

AMES Platform Expansion

Following its acquisition by GMS in December 2021, the AMES platform continues to execute against its growth strategy by adding three new AMES® store locations in Fresno, CA, Palm Bay, FL, and Concord, NC, enhancing its market coverage in these geographies. The opening of the Fresno, CA location represents the 100th store opening for AMES. To date, GMS has added nine AMES store locations during fiscal 2023.

With a substantial liquidity position, including $124 million in cash on hand as of the end of our most recently ended quarter, the near-term expectation of strong free cash flow generation and the Company’s newly expanded ABL Credit Agreement with increased capacity and an extended maturity, GMS remains well-positioned to continue to advance its strategic priorities.

About GMS:

Founded in 1971, GMS operates a network of approximately 300 distribution centers with extensive product offerings of Wallboard, Ceilings, Steel Framing and Complementary Products. In addition, GMS operates approximately 100 tool sales, rental and service centers, providing a comprehensive selection of building products and solutions for its residential and commercial contractor customer base across the United States and Canada. The Company’s unique operating model combines the benefits of a national platform and strategy with a local go-to-market focus, enabling GMS to generate significant economies of scale while maintaining high levels of customer service.

For more information about GMS, please visit www.gms.com.

Forward‐Looking Statements and Information:

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” or “should,” or the negative thereof or other variations thereon or comparable terminology. We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates, and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Forward-looking statements involve risks and uncertainties, including those factors described in the “Risk Factors” section in our filings with the SEC. We undertake no obligation to update any of the forward-looking statements made herein, whether as a result of new information, future events, changes in expectation or otherwise.

Carey Phelps Vice President, Investor Relations Phone: 770-723-3369 Email: ir@gms.com

Source: GMS Inc.

About GMS

Gypsum Management & Supply (GMS) operates in a growing network of subsidiary companies throughout the U.S. and Canada with more than 250 distribution centers. The Yard Support Center in Tucker, Georgia serves each GMS location, providing the support needed to enable them to continue their outstanding service of contractors and builders in their local communities. It is this unique approach that has served local customers well for decades. It is a foundation of the way GMS does business.

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On November 3^rd, when the MWFA held their annual meeting to award scholarships, Dan Hampton, former NFL player was the guest speaker.  Dan  was a first-round draft pick of the Chicago Bears in 1979 following an All-America season at the University of Arkansas. An outstanding and versatile defensive lineman, Hampton would play 12 seasons with the Bears. Six times he earned first- or second-team All-Pro honors as either a defensive tackle or defensive end.

Nicknamed “Danimal” for his ferocious style of play, Hampton persevered through 10 knee surgeries and numerous other injuries as he became recognized as one of the game’s most dedicated players. Hampton was an impact player even as a rookie. In his first season he was credited with 70 tackles, 48 of which were solo efforts, as well as two fumble recoveries, three passes defensed, and two sacks.

It’s for the 1985 season, however, that Dan and the Bears’ defense is best remembered. That year, the stingy Chicago defense allowed just 198 points and shut out both opponents in the NFC playoffs. The Bears went on to destroy the New England Patriots 46-10 in Super Bowl XX.  He was elected to the Pro Football Hall of Fame in 2002.

He spoke of the importance of goals while sharing great stories of his football career.  You cannot complete a mission without goals that you see through.

 Congratulations to This Year’s MWFA Scholarship Winners:

• $4,500 Richard S. Piskoty Memorial Scholarship (Donated by Clarcorp Industrial Sales) | Awardee: Sara Walsh, Brighton Best International
• $4,500 Morgan Ohare Scholarship (Donated by Morgan Ohare) | Awardee: Michael Guigliano, Star Stainless Screw
• $4,000 XL Screw Corp. Scholarship (Donated by XL Screw Corp.) | Awardee: Victoria Nickens, Liberty Fastener
• $4,000 Brighton-Best Int’l Scholarship (Donated by Brighton-Best Int’l) | Awardee: Teresa Sanchez, SWD Inc.
• $4,000 Raul Torres Memorial Scholarship (Donated by Star Stainless and Fall River Mfg.) | Awardee: Tri Nguyen, Star Stainless
• $3,000 SHMF/Brian Christianson Scholarship (Donated by South Holland Metal Finishing) | Awardee: Kelsey Callahan, Continental Aero
• $2,500 SWD Inc. Scholarship (Donated by SWD Inc.) | Awardee: Yoselyn Castro, Brico Industries
• $2,500 BTM Scholarship (Donated by BTM Manufacturing) | Awardee: Maria Chornij, 3Q Inc.
• $2,000 Brikksen Scholarship (Donated by Brikksen) | Awardee: Judith Rosland, Brico Industries
• $2,000 Hi-Tech Fastener Corp. Scholarship (Donated by Hi-Tech Fastener) | Awardee: Allison Ronk, Endries International
• $2,000 Mark DeBaker Memorial Scholarship (Donated by Richard and Karen Pease of RK Precision Products) | Awardee: Brianna Barile, Brighton Best International
• $2,000 Mike and Carol O’Connor Scholarship (Donated by Mike and Carol O’connor) | Awardee: Jaris James, Arlington Fastener
• $1,500 MWFA Scholarships Connor Cooper, Kanebridge Corp. and Alex Peke, Metric & Multistandard

2023 MWFA Board Announced

President: Jake Davis/BTM

Vice President: Jill Lewis/Integrated Packaging

Treasurer: Bob Baer/Abbott Interfast Inc.

Secretary: Bobby Wegner/Beacon Fasteners and Components

Executive Director: Nancy Rich

Directors:                             

• Glen Brin/Innovative Components Inc.
• Rich Cavoto/Metric & Multistandard Components                                
• Matt Delawder/SWD Inc.
• David Gawlik/Stelfast
• George Hunt III/Brighton/Brighton Best Int’l

Alternates:                            

• Tabitha Herbst/Burlington Graphics
• Jen Kushnir/DLP Coatings
• Steve Urhausen/All American Systems
• Wayne Wishnew/XL Screw Corp

MWFA 2023 Events

•  February 23^rd                          State of the Industry Panel Discussion
• March 2^nd                                Fascination with Fasteners-Introductory Class
• March 30^th                              Wine Tasting/Venuti’s-Addison, IL
• August 20^th                             Charitable Event
• August 21^st                              Open Houses
• August 22^nd                             Table Top Show/Marriott Lincolnshire-Lincolnshire, IL
• August 23^rd                             Golf Outing/Crane’s Landing-Lincolnshire, IL
• November 2^nd                         Scholarship Awards, Elections/Belvedere Banquets-Elk Grov, IL
• December 14^th                        Holiday Party

MWFA Welcomes New Members

FPM Heat Treating/Elk Grove, IL

Grand River Supply/Hudsonville, MI

Hunter-Stevens/Bensenville, IL

Spaneaur Inc./Kitchener, Ontario CN

About MWFA

The Mid-West Fastener Association is one of the oldest fastener associations in the United States.  For over 75 years, the association has expanded and evolved from a small local group, to the largest regional fastener association in the industry with members from coast to coast.  The Midwest market has the largest concentration of fastener related firms in the USA. MWFA activities have drawn members, as well as the fastener industry at large, to our dinner meetings, Educational Seminars, annual Fastener Expo & Trade Shows, the industry’s largest Golf Outing, and many other programs, from all over the world.

The MWFA has awarded over 600 scholarships to date, to members, spouses and their children, totaling in excess of $850,000. View our Fall ’21 Newsletter online to read about our most recent scholarship recipients as well as our milestone 75th Anniversary Celebration.   As a result of national interest, the MWFA has adjusted its programs to reflect our commitment to growth and service to the whole fastener industry.  Dinner meetings cover specific subjects and problems facing our industry as well as universal subjects of general interest to all companies.  Dinner meetings are held in several major regional cities with additional cities added as membership increases across the Midwest.

As a leader in the fastener industry, the MWFA continues to focus on educational programs as MWFA defines “Education” as its’ number 1 priority.  Our programs provide unsurpassed fastener industry training, utilizing industry experts with decades of experience offering extensive knowledge and hands on training to attendees.

MWFA members are afforded many opportunities for education, networking and relevant industry information, all of which have helped establish and sustain the success of the MWFA.  The MWFA is also a member of the Fastener Industry Coalition, participating and gathering information from a National perspective and providing that information back to our members.

Visit website and become at member at: https://www.mwfa.net/

Content provided by: MWFA News

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Birmingham Fastener Acquires Pacific Coast Bolt

Fastener Association, Fastener News, Fastener People, Fastener Press Releases, Featured, Press Releases, Scholarships

Birmingham Fastener is excited to announce the acquisition of Pacific Coast Bolt Corporation based in Santa Fe Springs, California. With over 80 years of combined fastener production, this acquisition strengthens Birmingham Fastener’s manufacturing diversity and expands our U.S. footprint coast-to-coast with branches from New York to California. Most importantly, it allows us to add teammates to our world-class staff and will yield long-term benefits for our customers.

Pacific Coast Bolt manufactures and distributes a wide range of products to industries such as water, wastewater, chemical, refining, and construction. With this partnership, Birmingham Fastener and its sister companies can expand product and service offerings to their customers.

Brad Tinney, President of Birmingham Fastener said of the acquisition, “This strategic initiative further complements Birmingham Fastener’s made-in-America value proposition to our customers, as Pacific Coast Bolt brings a wealth of manufacturing equipment and overall fastener knowledge. We are excited to expand westward and honored to heighten the level of customer service for all our partners across America.”

About Birmingham Fasteners

Birmingham Fastener is a leading manufacturer and distributor of fasteners for structural steel fabrication, metal building manufacturers, transportation, water works and utilities, original equipment manufacturers, agricultural equipment manufacturers, construction and MRO. Our company history is built on a commitment to excellence. We manufacture custom and non standard fasteners and operate the highest volume distribution center of nuts and bolts and standard fasteners in the U.S. This diversity provides our customers with a strategic advantage; certified quality, superior service and fast delivery.

About Pacific Coast Bolt

Pacific Coast Bolt Corp. is bolt manufacturer and distributor, covering a wide range of products. We have been manufacturing and supplying bolting products to our country’s chemical, oil & gas, power generation, refining, transportation, construction, water and wastewater markets for over 40 years.

Headquartered in Santa Fe Springs, CA, we proudly remain a family-owned business, with a geographical reach encompassing all 50 states and Canada. With satellite offices in New Jersey, Illinois and Washington, Pacific Coast Bolt is truly your coast to coast provider.

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ARE YOU READY TO TEST YOUR KNOWLEDGE OF FASTENERS? 

[SPONSOR]

EUROLINK FASTENER SUPPLY SERVICE

“HARD-TO-FIND METRIC FASTENERS…DELIVERED”

Question: The Metric System was designed to reflect the natural world and be as accessible as possible?

It is based on units of: A) 1.5, B) 10, or C) 100

A: WATCH VIDEO NOW FOR THE CORRECT ANSWER

Eurolink is the premier US distributor of metric fasteners and fastener lines with hard-to-find metric fasteners manufactured to both DIN and ISO standards. As the nation’s leading source for hard-to-find metric fasteners, Eurolink offers access to more than 100,000 quality C-class parts from countries such as Germany, Italy, Switzerland, Poland, Spain, France, and Great Britain. Regardless of your required size, material, or finish, EurolinkFSS.com has the European resources to meet your demands.

If you’re looking for a top fastener supplier you’ve found one!

Eurolink is committed to providing you fast HASSLE-FREE ordering, fair pricing, and timely delivery. Are you spending hours searching fastener websites or catalogs? Waiting on hold while a sales rep digs through their catalog to confirm a DIN number? Wondering if your invoice will even be processed correctly? How about worrying whether or not your quoted ship date was just a sales rep’s guess? Not at Eurolink Fastener!

Simply submit a quick RFQ for the items you require. We’ll do all the research, and follow up with you personally with a complete quotation. As you order products from #Eurolink, you can do so with the confidence that your order will be processed accurately and efficiently — along with the best available pricing and delivery — means HASSLE-FREE to you.

Looking For a FASTER Shipment Option?

Eurolink’s Upcoming Sea Freight Order Deadlines:

January 26th, 2023

February 23rd, 2023

Consolidated air freight shipment from Europe arrives at the Eurolink U.S. facility within 1-2 weeks of shipping. This speeds up delivery when you need it FASTER. Here are our upcoming weekly air freight order deadlines:

• Tuesday, December 20th, 2022

Get The FASTEST Shipment Option

Express air freight orders normally ship from Eurolink’s European partners within 24-48 hours after your order is placed with Eurolink and arrives at their U.S. facility within 4-7 business days. Their express freight option is available upon request. Contact Eurolink’s sales team if you would like to request the pricing for this freight option.

* Please have all orders delivered to Eurolink’s sales team by 4:00 PM EST on the deadline dates above to have your order added to the consolidated sea freight shipment.

CONTACT EUROLINK TODAY: https://eurolinkfss.com/

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Subject: Important People & Talent Research

Over the next decade, talent and labor will be significant hurdles for the Fastener industry.

Dirk Beveridge, our friend and industry consultant, is beginning to dive deep into this challenge.

This topic interests us at Faster News Desk, and are pleased to be joining forces with Dirk on an important research project.

Please take 8 minutes to give your honest input to these survey questions.

Thank you,

Lisa Kleinhandler, Editor-in-Chief 

PS: Feel free to forward this email and link to other managers throughout your business.

Take the Survey Now: https://survey.zohopublic.com/zs/eECzgt

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Here’s what’s happening in and around the fastener industry this week…

Watch Now on FastenerTV (7:44)

In Fastener Acquisition News…

The Bossard Group is significantly expanding its market presence in Canada as a supplier of high-quality fastening solutions as It acquires the Canadian distribution business from the American company PennEngineering® in Danboro, Pennsylvania, USA, an innovative manufacturer of fastening solutions.

PENN Engineered Fasteners Corporation (PEF), based in Concord, Ontario, Canada, was founded in 1970 and acquired by PennEngineering® in 2017. The company supplies industrial segments such as automotive, energy, agriculture, and appliances with innovative fastening solutions, and generates annual sales of around USD 25 million.

Bossard Acquires Penn Engineering’s® Distribution Business in Canada

Nucor Calls for Reform at the World Trade Organization. Nucor Corporation (NYSE: NUE) applauded the United States Trade Representatives and the entire Biden Administration for their commitment to ensuring the long-term viability of the domestic steel industry and opposition to the recent World Trade Organization (WTO) panel decision. Nucor fully supports the U.S. government’s opposition to the recent WTO panel decision that the Section 232 measures on steel imports violate U.S. WTO commitments. Section 232 measures on steel were implemented to protect the national security of the United States and are helping to strengthen the American steel supply chain after being hollowed out by years of global excess capacity and unfair trade.

The November seasonally adjusted Fastener Distributor Index (FDI) rebounded sharply vs. last month, coming in at 54.9 (vs. October 44.3). This broke the streak of two consecutive sub-50 (contractionary) readings, indicating market conditions improved vs. last month. Consistent with this, demand commentary was a bit more positive than recent months. Additionally, supply chain constraints continued to ease, with noticeable improvement in ocean freight times commented on by multiple respondents. That said, the Forward-Looking Indicator (FLI) registered another sub-50 index value, reading 42.0, suggesting the bounce in the FDI could prove to be short lived. Overall, fastener market conditions improved in November relative to October, although conditions clearly remain choppy/uncertain. Tune into Listen to Fully Threaded Radio podcast episode #183 for further commentary and analysis.

Fastener Distributor Index – November 2022

Bulten closes manufacturing plant in the UK in order to streamline their operation and improve profitability. The closure means that 50 jobs are at risk of redundancy. The closing-down process will begin with immediate effect, and the plan is to complete the process during the second quarter of 2023. Read more: https://news.cision.com/bulten-ab/r/bulten-closes-manufacturing-plant-in-the-uk,c3678299

Nucor Corporation (NYSE: NUE) announced that it has made an equity investment in a Colorado-based start-up developing a process to produce carbon-free iron that can be used to make steel. The company uses renewable energy to refine low-grade iron ores into high-purity iron through electrochemical and hydrometallurgical processes. This material will be used in the steelmaking process to offset other high-quality metallics that come with higher greenhouse gas emissions.

Leon Topalian, Chair, President and Chief Executive Officer of Nucor Corporation said “We are excited to partner with Electra and its revolutionary process to produce emission-free iron,”. “Just as Nucor changed the face of the steel industry 53 years ago with our first electric arc furnace, successfully developing and scaling up a zero-carbon iron product is the type of transformative technology that could change the steel industry as we know it.”

Nucor Investing in Start-Up Company Developing Zero-Carbon Iron Technology

The National Fastener Distributor Association will host their 2022 Virtual Holiday Celebration! Join the National Fastener Distributor Association for a fun and relaxed virtual event with spirits and classic holiday trivia Wednesday, December 14, 2022, at 4:30 PM Eastern. The NFDA & YFP hope you’ll join them for some holiday fun! This event is free, but registration is required. To register go to: NFDA-Fastener.org

Celebrate the Holidays with the Northeast Fastener Distributor Association and fastener friends on December 15th @ 6:00pm (EST) for their Virtual Jingle & Mingle Christmas Party! Go to NEFDA.com for registration information.

The Southwestern Fastener Association will host their Holiday Toy Drive on Thursday, December 15th, 2022 5:30 PM – 8:30 PM CST. This a great time to give back while meeting up with people in the fastener industry to expand your network. Go to Southwesternfastener.org to register!

The stories featured in this week’s episode of IN THE NEWS can be found at Fastener News Desk or in our Twitter feed @FastenerNews and on LinkedIn in the Fastener News Group!

Industrial products are comprehensive and purchasing them online can lead to a poor customer experience when utilizing filtered search. The Product Genius’s grid technology allows your clients to search, sort and purchase 100’s of products from a one-page buying experience.

Experience and Demo FAST Fastener buying at 1-800-Fasteners.com.

PGT’s services also include, data cleaning and preparation, consulting, and strategizing. Contact ProductGeniusTechnology.com or call 1-800-fasteners to find out how to get started today.

Thanks for tuning in to this week’s episode of IN THE NEWS with Fastener News Desk.

Until next week, be well, be safe and Keep it Fastenating.

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EUROLINK FASTENER SUPPLY SERVICE

“HARD-TO-FIND METRIC FASTENERS…DELIVERED”

QUESTION: What country was the Metric System originally developed by England, France, or China?

A: WATCH VIDEO NOW FOR THE CORRECT ANSWER

Eurolink is the premier US distributor of metric fasteners and fastener lines with hard-to-find metric fasteners manufactured to both DIN and ISO standards. As the nation’s leading source for hard-to-find metric fasteners, Eurolink offers access to more than 100,000 quality C-class parts from countries such as Germany, Italy, Switzerland, Poland, Spain, France, and Great Britain. Regardless of your required size, material, or finish, EurolinkFSS.com has the European resources to meet your demands.

If you’re looking for a top fastener supplier you’ve found one!

Eurolink is committed to providing you fast HASSLE-FREE ordering, fair pricing, and timely delivery. Are you spending hours searching fastener websites or catalogs? Waiting on hold while a sales rep digs through their catalog to confirm a DIN number? Wondering if your invoice will even be processed correctly? How about worrying whether or not your quoted ship date was just a sales rep’s guess? Not at Eurolink Fastener!

Simply submit a quick RFQ for the items you require. We’ll do all the research, and follow up with you personally with a complete quotation. As you order products from Eurolink, you can do so with the confidence that your order will be processed accurately and efficiently — along with the best available pricing and delivery — means HASSLE-FREE to you.

Looking For a FASTER Shipment Option?

Eurolink’s consolidated weekly air freight ships from Europe each and every Wednesday. If you miss our monthly sea freight order date of November 17th or would like your order delivered FASTER, add your items to our next air freight shipment by the following Tuesday at 4:00 PM EST.

Eurolink’s Upcoming Sea Freight Order Deadlines:

• December 15th, 2022
• January 26th, 2023
• February 23rd, 2023

* Please have all orders delivered to Eurolink sales team by 4:00 PM EST on the deadline dates above to have your order added to the consolidated sea freight shipment.

CONTACT EUROLINK TODAY: https://eurolinkfss.com/

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1sourcevend Launches New API for Seamless Data Integration Between ERP Systems and Vending Software

MEMPHIS, Tenn. (December 12, 2022) – 1sourcevend, a provider of simple, flexible and affordable inventory control solutions including its proprietary software, 1sourcelive, has launched a new application program interface (API). The new API acts as a data exchange medium between a business’s ERP systems and vending solutions from 1sourcevend, resulting in seamless communication and real-time updates between programs.

“When it comes to creating a scalable inventory management program, the smooth and accurate transfer of data between two systems is absolutely imperative,” said Mark Hill, president of 1sourcevend. “This API allows our customers to seamlessly pull the exact data they need right when they need it, all at no extra cost to them.”

1sourcevend’s new API offers distributors:

• Seamless transfer of data from the vending software 1sourcelive to the distributor’s ERP
• No time-consuming and expensive custom development work
• Available as part of our base offering at no extra charge

1sourcevend works with distributors to provide inventory management solutions to industrial end-users, helping them strengthen customer relationships, increase customer stickiness and grow wallet share. 1sourcevend’s user-friendly software and variety of delivery options can profitably provide inventory control for low- and high-cost disposable and reusable items.

When combined with 1sourcevend’s powerful 1sourcelive software and flexible vending and inventory management solutions, 1sourcevend’s new API enables distributors and their customers to experience improvements in inventory management, including lower carrying costs, reduced shrinkage, improved regulatory compliance and improved forecasting.

About 1sourcevend  

1sourcevend’s inventory management and control solutions are ideal for distributors seeking simple, flexible and affordable options for their customers, and for end-users across industries looking for true inventory control.

Learn more at 1sourcevend.com.

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,  /PRNewswire/ — Nucor Corporation (NYSE: NUE) announced today that it has made an equity investment in , a Colorado-based start-up developing a process to produce carbon-free iron that can be used to make steel. The company uses renewable energy to refine low-grade iron ores into high-purity iron through electrochemical and hydrometallurgical processes. This material will be used in the steelmaking process to offset other high-quality metallics that come with higher greenhouse gas emissions.

“We are excited to partner with Electra and its revolutionary process to produce emission-free iron,” said Leon Topalian, Chair, President and Chief Executive Officer of Nucor Corporation. “Just as Nucor changed the face of the steel industry 53 years ago with our first electric arc furnace, successfully developing and scaling up a zero-carbon iron product is the type of transformative technology that could change the steel industry as we know it.”

The process developed by Electra produces Low-Temperature Iron (LTI) from commercial and low-grade ores using zero-carbon intermittent electricity. The company electrochemically refines iron ore into pure iron at 60 degrees Celsius (140 degrees Fahrenheit) using renewable electricity. That iron can be turned into steel using existing electric arc furnaces, which account for 70% of steel production in the U.S.

Electra’s process results in zero carbon dioxide emissions. By comparison, approximately 70% of the steel produced globally is made with blast furnace technology, an extractive process fed by iron ore, coal, and limestone that emits about two tons of carbon dioxide for every ton of steel produced.

Using primarily recycled scrap as raw material, Nucor is already one of the cleanest steelmakers in the world. The circular nature of remelting recycled scrap in electric arc furnaces, combined with steel’s ability to be infinitely recycled, means that Nucor’s steelmaking facilities generate roughly one-third of the carbon dioxide of extractive steelmaking plants. Its investment in Electra is one of several investments the company is making that furthers Nucor’s status as a sustainability leader and builds on the innovation that has already led to cleaner steel production in the United States.

“We are focused on investing our capital on opportunities like these that have the potential to take our company and the entire industry to the next level,” said Doug Jellison, Nucor’s Executive Vice President of Raw Materials, and a member of Electra’s Market Advisory Board. “We will continue to look to the future for new and innovative ways to help our customers achieve their sustainability goals.”

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.

Nucor.com

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 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 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; and (14) the impact of the COVID-19 pandemic and any variants of the virus. These and other factors are discussed in Nucor’s regulatory filings with the 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, 2021. 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.

SOURCE Nucor Corporation

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The Fastener Distributor Index (FDI) survey for November, 2022.  The FDI rebounded with a 54.9 reading for the month, seasonally adjusted, after 2 months of sub-50 reports.

The Forward Looking Indicator (FLI) seemed to offset hopes of sustained improvement as it remained relatively unchanged at 42.0, reflecting expected weaker market conditions.

Key Takeaway:

The November seasonally adjusted Fastener Distributor Index (FDI) rebounded sharply vs. last month, coming in at 54.9 (vs. October 44.3). This broke the streak of two consecutive sub-50 (contractionary) readings, indicating market conditions improved vs. last month. Consistent with this, demand commentary was a bit more positive than recent months. Additionally, supply chain constraints continued to ease, with noticeable improvement in ocean freight times commented on by multiple respondents. That said, the Forward-Looking Indicator (FLI) registered another sub-50 index value, reading 42.0, suggesting the bounce in the FDI could prove to be short lived. Overall, fastener market conditions improved in November relative to October, although conditions clearly remain choppy/uncertain.

Read full report:

FDI_Report_November_2022

Listen to episode #183 of the Fully Threaded Radio podcast for further commentary and analysis.

FND encourages all North American fastener distributors to take part in the FDI. If you are interested in being a more active part of the fastener industry, you can apply to add your company to the FDI survey group. Complete the “Request an Invitation to Participate” form by clicking here. Once verified, you will receive login ID and password information and you will be notified by email every month when the survey period has been opened. – Fastener News Desk

About the Fastener Distributor Index (FDI).

The Fastener Distributor Index (FDI) was developed as a service to the fastener industry by the FCH Sourcing Network in 2012 to be a new benchmark for the fastener industry. The FDI is a monthly survey of North American fastener distributors, conducted with the FCH Sourcing Network and Baird with support from the National Fastener Distributors Association. It offers insights into current fastener industry trends/outlooks. Similarly, the Forward-Looking Indicator (FLI) is based on a weighted average of four forward-looking inputs from the FDI survey. This indicator is designed to provide directional perspective on future expectations for fastener market conditions. As diffusion indexes, values above 50.0 signal strength, while readings below 50.0 signal weakness. Over time, results should be directly relevant to Fastenal (FAST) and broadly relevant to other industrial distributors such as W.W. Grainger (GWW) and MSC Industrial (MSM).

The FDI Survey website is a resource than can be accessed by anyone, but it can only be updated by registered users during the monthly open survey period, which occurs during the last week of each month.

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