Nucor

Nucor has decreased its emissions intensity from steel production by 2.4% annually between 2017 and 2022. This reduction rate is aligned with the company’s 1.5°C pathway.

No leading practices were identified for this company.

No leading practices were identified for this company.

No leading practices were identified for this company.

Nucor has set a net-zero 2050 target covering its scope 1, 2 and 3 emissions. The company mentions it will make use of carbon offsets to eliminate the remaining scope 1 emissions from its Econiq net-zero steel product line. However, it does not report the amount or percentage share of offsets it intends to use.

The company’s scrap recycling operations constitute a 56% share of its raw materials output. However, the company discloses no scheduled future growth for this activity. While the company discloses a climate scenario analysis, this lacks financial implications and carbon price considerations. Further, the company reports no management incentives or a clear scope for its climate strategy. These are all missed opportunities that can contribute to making the company’s transition planning more credible.

Nucor should publicly disclose its R&D expenditure on low-carbon technologies, specifically a breakdown of its investments in both mature- and non-mature low-carbon technologies to enhance the credibility of its decarbonisation efforts.

Nucor does not disclose a monitoring and review process to ensure that the company’s policy positions align with the Paris Agreement goals.

Nucor commits to a 35% combined reduction in its scope1 and 2 emissions intensity by 2030, measured against a 2015 baseline.

Nucor has developed a carbon capture, utilisation and storage (CCUS) facility for one of its plants in partnership with ExxonMobil, which is expected to be operational by 2026. This project, so far, is only intended for its DRI plant in Louisiana under its raw materials business segment.

Unlike most of its peers in the sector, Nucor has been promoting circular steelmaking since its establishment. Currently, its scrap recycling operations contribute to 56% of its raw materials output, which supplies its other business segments.

Nucor uses electricity in most of its operations due to its business model focusing on steel production using EAFs. The company reports that 40% of the electricity comes from renewable or zero-carbon energy sources.

The company has management executives overseeing its efforts to manage climate-related risks and opportunities. However, it does not disclose their expertise on climate change and the low-carbon transition.

No evidence was found of the company’s commitment to social dialogue or of the categories of stakeholders the company engages with on a just transition. Furthermore, no evidence was found to demonstrate the company’s ongoing social dialogue and meaningful engagement with affected stakeholders.

No evidence was found of the company undertaking low-carbon transition planning to mitigate the social impacts of the transition on workers, affected stakeholders and its business relationships. Additionally, no evidence was found to demonstrate the company’s engagement in social dialogue and with stakeholders in its just transition planning.

No public commitment by the company was found stating its intention to create and support access to green and decent jobs as part of the low-carbon transition. Moreover, no evidence was found of the company’s action to promote these jobs in a way that ensures gender balance and inclusion of vulnerable groups.

No relevant disclosure was found of the company’s assessment of employment dislocation risks. Further, no public commitment by the company was found stating its intention to reskill and upskill workers displaced by the transition to a low-carbon economy. Additionally, no evidence was found that the company reskills and upskills workers in a way that ensures gender balance and inclusion of vulnerable groups.

No relevant disclosure was found to show if the company identifies the impacts of the low-carbon transition on social protection for workers and affected stakeholders, nor how it contributes to their social protection. Additionally, no evidence was found that the company expects its business relationships to contribute to the social protection of their workers and affected stakeholders.

No relevant disclosure was found to show how the company identifies any misalignment of its lobbying activities with policies and regulations that support the just transition, nor of the measures it takes to address misalignment. Furthermore, no evidence was found that the company lobbies for policies and regulations for green and decent job creation; retention, education and reskilling; and social protection for workers.

The company commits to respecting human rights. However, no evidence was found that it commits to respecting the ILO fundamental rights at work and expects its business relationships to respect the ILO fundamental rights at work. No evidence was found of the company’s process to identify, assess and mitigate salient human rights risks in its operations and supply chain, or of the company disclosing the stakeholders whose human rights have been affected by its activities. While the company has a grievance mechanism available to workers, there was no evidence that this is also available to external stakeholders.

The company commits to respecting the health and safety of its workers and expects the same commitment from its business relationships. No other evidence of the company’s policies or commitments related to key decent work issues, such as living wages, collective bargaining, working hours and women’s empowerment, was found in the public domain.

The company does not have a policy prohibiting bribery and corruption, but it includes clauses of prohibiting bribery and corruption in its business relationship contracts. No other company policies or commitments related to key ethical business topics, such as personal data protection and political engagement, were found in the public domain.