LAPLACE �“ After initial optimism over the prospect of a new pig iron plant in St. James Parish, executives with Nucor Corp. said this week that they may be reconsidering their plan to even build the $3 billion plant at all.

A report from Bloomberg News cites a drop in demand for steel and possible new federal environmental regulations, which could impact the plant’s emission of carbon dioxide, as the company’s concerns about moving forward.

“We started this thing several years ago, before the economic crisis hit,” Chief Executive Officer Dan DiMicco said in an interview with lawmakers in Washington, according to Bloomberg. “That has caused everyone to re-evaluate each project and the cost of the projects and whether the projects still make economic sense.” Nucor executives were slated to make an announcement in March concerning the final decision on the manufacturing plant’s location. The North Carolina-based steel giant had narrowed the choice down to two, a 4,000-acre site in Convent that is situated south of LA 3125 and east of LA 70, or a similar plot of land in Brazil. DiMicco said the slumping economic outlook could force the company’s plans to be altered or canceled.

Officials have not said when the final decision will be made.