SOURCE: Schuf Steel Company

Schuff Steel Logo

February 26, 2010 18:16 ET

Schuff Steel Actively Pursuing Wind Tower Manufacturing

PHOENIX, AZ--(Marketwire - February 26, 2010) -  Schuff Steel Company, a wholly-owned subsidiary of Schuff International, Inc. (PINKSHEETS: SHFK), continues to actively pursue the possible construction of a new wind tower manufacturing plant in North Dakota. "After researching the renewable energy business in general, and specifically wind energy, we are convinced that we are seeing the emergence of a new industry. Wind tower manufacturing appears to be very synergistic with our core business of steel fabrication and erection," said Dennis Randall, executive vice president of Schuff's Midwest Division. "We also feel that this new venture would require construction of a dedicated plant in close proximity to developing markets," he said.

After considering a number of sites, Schuff selected Bismarck, North Dakota as the location for the potential plant. Plans would call for construction of a 200,000 sq ft facility on 70 acres, capable of producing hundreds of towers annually. Schuff anticipates potential employment levels of 250 to 300 people once at full capacity. While there are a number of significant issues yet to be resolved, including project financing and finalizing customer orders, Schuff hopes to begin construction of this facility sometime within the year.

"I was very impressed with the business-friendly attitude of the Bismarck Mandan Business Development folks, the accessibility and support demonstrated by State and local public officials and the excellent technical educational facilities supporting renewable energy manufacturing," said Randall.

Schuff's proposed plant in North Dakota was recently selected as one of 133 projects eligible to receive a federal tax credit as part of the American Recovery and Reinvestment Act (ARRA) Section 48C Clean Energy Manufacturing Tax Credit. This benefit has helped Schuff to forge ahead with their development plans.

About Schuff International, Inc.

Schuff International, Inc. (PINKSHEETS: SHFK) and its family of steel companies is the largest steel fabrication and erection company in the United States. The 33-year old company executes projects throughout the country. Schuff offers integrated steel construction services from a single source. Professional services include design-build, design-assist, engineering, BIM participation, 3D steel modeling/detailing, fabrication, advanced field erection, joist and joist girder manufacturing, project management, and single-source steel management systems. Major market segments include industrial, public works, bridges, health care, gaming and hospitality, convention centers, stadiums, mixed-use and retail, transportation, solar and other alternative energy projects and international projects. Schuff International, Inc., which is headquartered in Phoenix, AZ, owns and operates ten steel fabrication plants and two steel joist manufacturing plants. Companies include Schuff Steel Company located in AZ, NV and CA; Schuff Steel-Midwest Division located in Overland Park, KS, Ottawa, KS, Chicago, IL and Denver, CO; Schuff Steel-Gulf Coast, Inc., located in Houston, TX; Schuff Steel-Atlantic, Inc., located in Orlando, FL, Albany, GA and Atlanta, GA; Schuff Steel Management Company-Southwest, Inc., located in Gilbert, AZ; and Quincy Joist Company located in Quincy, FL and Buckeye, AZ. Schuff employs approximately 1,400 people throughout the country. For more information, visit www.schuff.com.

Certain statements in this news release may contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. These risks and uncertainties include, but are not limited to, the company's ability to successfully utilize the awarded ARRA Section 48C Clean Energy Manufacturing Tax Credit, the ability to obtain financing and secure orders sufficient to justify the construction of a wind tower manufacturing facility in North Dakota and the company's successful entry into the wind energy sector. Further risks and uncertainties that may impact Schuff's entry into the wind energy sector, include, but are not limited to, the company's ability to successfully and timely complete construction projects; the company's ability to convert backlog into revenue; the potential delay, suspension, termination, or reduction in scope of a construction project; forecasted regional and end-market growth; the continuing validity of the underlying assumptions and estimates of total forecasted project revenues, costs and profits, and project schedules; the outcomes of pending or future litigation, arbitration or other dispute resolution proceedings; the availability of borrowed funds on terms acceptable to the company; the ability to retain certain members of management; the ability to obtain surety bonds to secure its performance under certain construction contracts; possible labor disputes or work stoppages within the construction industry; the ability of project owners to obtain financing for projects; and actions taken or not taken by third parties, including the company's customers, suppliers, business partners, and competitors and legislative, regulatory, judicial and other governmental authorities and officials. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.

Contact Information

  • MEDIA CONTACT:
    Ann Papagalos
    Papagalos Strategic Communications
    P) (602) 279-2933, Ext. 105
    C) (602) 702-0524
    E-mail:Email Contact