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Nucor Praises Congressman Michael Arcuri (D-NY) for His 'No' Vote on House Cap and Trade Bill
CHARLOTTE, N.C. , July 1 /PRNewswire-FirstCall/ -- Nucor Corporation (NYSE: NUE) today thanked United States Representative Michael Arcuri (D-NY) for standing up for the manufacturing families of New York in opposing the cap and trade bill that narrowly passed the House of Representatives by a three vote margin.
If enacted, the bill will have far-reaching ramifications for manufacturers and other industries inthe United States, the costs of which range into the hundreds of billions of dollars.
The House Cap and Trade Bill (H.R. 2454) will increase energy rates for both commercial and industrial users, as well as apply new taxes to industries that have long abided by - and exceeded - Environmental Protection Agency standards.
"Nucor Steel Auburn is concerned that this cap and trade bill will result in dramatically higher prices for all types of energy and hamper our global competitiveness," said Mike Keller, General Manager of Nucor Steel Auburn, Inc. "Our competitors inChina,Brazil andRussia will not have comparable costs. Congressman Arcuri understands that higher energy costs would have a devastating impact on local manufacturers and jobs in Upstate New York. His 'no' vote shows a deep understanding of the competitive challenges facing the steel industry in these unprecedented economic times. We look forward to working with Congressman Arcuri to strengthen American manufacturing, safeguard the environment and promote a level playing field for U.S. industry and workers."
The bill now goes to the Senate for consideration. Nucor strongly encourages the Senators in the 23 states in which it maintains facilities and employs thousands of workers to oppose the enactment of any laws that will force domestic steel producers to shed jobs and reduce economic output.
Nucor and affiliates are manufacturers of steel products, with operating facilities primarily in the U.S. andCanada. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; light gauge steel framing; steel grating and expanded metal; and wire and wire mesh. Nucor, through The David J. Joseph Company, also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor isNorth America's largest recycler.
SOURCE Nucor Corporation
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