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Nucor Praises Congressman Arcuri for Voting Against House Cap and Trade Bill
Jul. 2, 2009 Nucor Corp. issued its appreciation to United States Representative Michael Arcuri (D-NY) for supporting the local manufacturing sector by opposing House Cap and Trade Bill (H.R. 2454), which narrowly passed the House of Representatives this week by a three-vote margin.
If the bill is enacted, it will increase energy rates for both commercial and industrial users, and will apply new taxes to industries that have long abided by - and exceeded - Environmental Protection Agency standards.
Nucor noted that the bill’s far-reaching ramifications could result in costs for manufacturers and other industries that range into the hundreds of billions of dollars.
"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 in China, Brazil and Russia will not have comparable costs."
As the bill moves on to the Senate for consideration, Nucor is strongly encouraging 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 manufacture steel products, with operating facilities primarily in the U.S. and Canada. Products include carbon and alloy steel 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 Co., also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.