Two orders were awarded by Westinghouse Electric Company to Graham Corporation’s subsidiary Energy Steel & Supply Co. for the supply of structural supports and assemblies at two nuclear power plant sites in the Southeastern United States where four AP1000 pressurized water reactor units are under construction. Deliveries to the two sites are projected to span fiscal years 2013, 2014 and 2015.
James R. Lines, Graham's President and Chief Executive Officer, commented, "The orders awarded to Energy Steel and Supply Co. are for U.S.-based nuclear energy facilities under construction. We believe that securing business for new facility construction is not only a clear indication of Energy Steel's strong brand and proven capability for executing large and complex orders for the nuclear energy market but is also a testament to the strong management team and capabilities of Energy Steel's personnel. Expanding Energy Steel's reach into new nuclear energy facility construction is an important aspect of our plan to continue to expand Energy Steel's sales and profitability."
Commenting further, Mr. Lines noted, "While considerable procurement has been completed by Westinghouse for its two nuclear power plant projects, there are additional equipment requirements on which Energy Steel is bidding and we hope to be in a position to win. Moreover, while the pace is unclear, there are more nuclear energy facilities planned for construction in the U.S. over the next two decades."
"We believe our markets are in the early stages of recovery and we remain encouraged by our expanding bidding pipeline," Mr. Lines added.