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Press Release
February 7, 2024

US Forged Rings Inc. (USFR) today announced a $700M investment in the U.S. offshore wind industry to construct a state-of-the-art tower fabrication facility and a steel forging plant. The U.S.-based company will use these two facilities to service the growing domestic offshore wind market, filling a critical supply chain gap for offshore wind components and alleviating bottlenecks for a market with goals of deploying 30 GW by 2030 and 110 GW by 2050. The company is in final stages of evaluating East Coast locations and expects to announce a decision soon.

Through its strategic supply chain partnerships with Nucor, North America’s largest steel producer and recycler, providing sustainable steel for offshore wind tower construction, and Ellwood Quality Steels, North America’s leading ingot caster, USFR is committed to producing final products that are 100% made in the U.S.A. Once operational, the tower fabrication facility will produce 100 fully coated towers annually, that include internally produced flanges, eliminating potential delays and logistics issues, lowering the overall cost. The facility is designed from its inception to be expandable up to 200 towers annually, depending on demand. The new steel forging facility will produce large flanges up to 40 feet in diameter, making it the largest ring rolling facility in North America and Europe. The facility will also produce forged components required in other heavy industries including nuclear energy, construction, shipping, and mining.

“This substantial investment serving U.S. offshore wind was spurred by our confidence in the medium and long-term prospects of the U.S. market, which is in its early phases of development and needs a local supply chain to rely on” said Giacomo Sozzi, President of USFR. “These facilities will enable U.S. developers and OEMs to have predictable costs and a reliable supply of vital components.  Equally important, the investment will result in direct environmental benefits including the reduction of significant pollution emitted by otherwise shipping these huge components from overseas.”

Once all permits and regulatory approvals are secured, construction of the facilities is expected to take 16-20 months, with first towers beginning production in Q1 2026. The two facilities will create more than 500 U.S. full time employment positions. The state-of-the-art facilities will also limit carbon footprint by utilizing 77% recycled content, making it a fraction of the global average. 

“We are currently in the final stages of evaluating several potential locations on the East Coast,” said Slavko Zurovac, USFR’s Managing Director.  “All potential sites are strategically positioned with access to required waterways, rail, and utilities, providing significant logistical benefits and making it competitive to supply large components.”

For more information or to speak to USFR, contact Slavko Zurovac via media@usfr.com.

 

 

 

About US Forged Rings Inc.

US Forged Rings will be a US-based manufacturer of steel components and is part of a group with 40+ years of experience, know-how, and track record in forging, welding, and steel fabrication serving the energy and infrastructure industries.

 

Forward-looking statements

Certain statements contained in this news release are "forward-looking statements" that involve risks and uncertainties. The words "believe," "expect," "intend,", "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.

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