<SEC-DOCUMENT>0000900440-22-000098.txt : 20221108
<SEC-HEADER>0000900440-22-000098.hdr.sgml : 20221108
<ACCEPTANCE-DATETIME>20220826150028
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000900440-22-000098
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20220826

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALMONT INDUSTRIES INC
		CENTRAL INDEX KEY:			0000102729
		STANDARD INDUSTRIAL CLASSIFICATION:	FABRICATED STRUCTURAL METAL PRODUCTS [3440]
		IRS NUMBER:				470351813
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		15000 VALMONT PLAZA
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68154
		BUSINESS PHONE:		402-963-1000

	MAIL ADDRESS:	
		STREET 1:		15000 VALMONT PLAZA
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68154

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALLEY MANUFACTURING CO
		DATE OF NAME CHANGE:	19680822
</SEC-HEADER>
<DOCUMENT>
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    <div style="text-align: justify;">August 26, 2022</div>
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    <div style="text-align: justify;">Ms. Erin Donahue and Ms. Jennifer Angelini</div>
    <div style="text-align: justify;">Division of Corporation Finance</div>
    <div style="text-align: justify;">U.S. Securities and Exchange Commission</div>
    <div style="text-align: justify;">100 F Street, NE</div>
    <div style="text-align: justify;">Washington, DC&#160; 20549</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Re:<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt">&#160;</font><font style="font-weight: bold;">Valmont Industries, Inc.</font></div>
    <div style="text-align: justify; text-indent: 27pt; font-weight: bold;">Form 10-K for the Fiscal Year Ended December 25, 2021</div>
    <div style="text-align: justify; text-indent: 27pt; font-weight: bold;">Filed February 23, 2022</div>
    <div style="text-align: justify; text-indent: 27pt; font-weight: bold;">File # 001-31429</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Dear Ms. Donahue and Ms. Angelini:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;">This letter contains Valmont Industries, Inc.&#8217;s (the &#8220;Company&#8221; or &#8220;Valmont&#8221;) responses to the comment letter dated July 29, 2022
      received from the Staff of the Division of Corporation Finance (the &#8220;Staff&#8221;) of the Securities and Exchange Commission regarding the Company&#8217;s Annual Report on Form 10-K for the year ended December 25, 2021. The Staff&#8217;s comments have been stated
      below in their entirety. The Company&#8217;s responses follow each comment.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 6pt; font-weight: bold;"><u>Form 10-K for the Fiscal Year Ended December 25, 2021</u></div>
    <div style="text-align: justify; margin-bottom: 6pt;"><u>General</u></div>
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      <table cellspacing="0" cellpadding="0" id="z36c8e65743e84be387f26155238ab6f0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div>1.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>We note that you provided more expansive disclosure in your Sustainability Report and Sustainability Annex than you provided in your SEC filings.
                Please advise us what consideration you gave to providing the same type of climate-related disclosure in your SEC filings as you provided in your Sustainability Report and Sustainability Annex.</div>
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    <div style="text-align: justify; text-indent: 18pt;"><u>Valmont Response:</u></div>
    <div style="margin-left: 18pt;">The Company advises the Staff that we continuously work to
        increase the transparency and quality of our data and voluntarily report on climate-related activities in our Valmont Sustainability Report and Sustainability Annex.&#160; As indicated in the Sustainability Report, the information included is
      based upon leading frameworks such as Global Reporting Initiative (GRI) and the sustainability and reporting framework of the Sustainability Accounting Standards Board (SASB).The information included in the Sustainability Report was not based on
      disclosure requirements for an Annual Report on Form 10-K.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 18pt;">Materiality under the GRI and SASB frameworks for topics and metrics, as indeed for the other leading frameworks, differs from
      materiality as applied in accordance with disclosure requirements under U.S. securities laws and regulations. The disclosures in the Company&#8217;s SEC reports are made in accordance with the disclosure requirements of U.S. securities laws and
      regulations, including with respect to materiality as defined under Basic Inc. V. Levinson, 485 U.S. 224 (1988).&#160; Thus, the Form 10-K includes the required information that is material to an understanding of the Company&#8217;s business and is otherwise
      responsive to the disclosures required in our SEC reports.&#160; The disclosures for our Form 10-K included consideration by all relevant groups, including senior management, internal audit, and our outside advisers. We regularly evaluate climate-related
      topics and trends discussed in our published climate-related reports, including those in our Sustainability Report and Sustainability Annex, as part of this process.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 18pt;">The Company therefore respectfully submits that it will continue to monitor and evaluate whether U.S. securities laws warrant inclusion
      of any specific material future or existing climate-related matters beyond what is currently disclosed in the &#8220;regulatory and business developments regarding climate change&#8221; risk factor within Item 1A Risk Factor section of its Form 10-K.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><u>Risk Factors, page 10</u></div>
    <div><br>
    </div>
    <div>
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              <div>2.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>We note your risk factor disclosure on page 18 related to regulatory and business developments regarding climate change. Please revise to disclose
                the material effects of transition risks related to climate change that may affect your business, financial condition, and results of operations, such as policy and regulatory changes that could impose operational and compliance burdens,
                market trends that may alter business opportunities, credit risks, or technological changes.</div>
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    <div style="text-align: justify; text-indent: 18pt;"><u>Valmont Response:</u></div>
    <div style="text-align: justify; margin-left: 18pt;">Valmont advises the Staff that we assess climate change in
        our risk factor review process, which consists of senior management review of operational matters, scientific information about climate change trends from our internal sustainability team, consultation with our legal and industry experts on legislative and regulatory enactments and considerations, and discussion of risk assessments with the Company&#8217;s audit committee. In the course of this process, we concluded that
        we have not experienced any material transition risks, nor do we currently anticipate any potential material transition risks beyond those disclosed.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 18pt;">The Company respectfully advises the Staff, the following risk factors disclosed in its Form 10-K identify the following transition
      risks of the potential consequences related to our business, customers, and compliance costs:</div>
    <div><br>
    </div>
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              <div style="margin-left: 36pt;">&#8226;</div>
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              <div>&#8220;The production and market for our products are subject to the
                impact of laws and rules related to climate change.&#8221;</div>
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              <div>&#8220;Our customers, and our operating segments, are exposed to risks of increased costs to comply with such laws and rules, including increased costs
                for raw materials and transportation, &#8230;&#8221;</div>
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              <div>&#8220;&#8230; as well as exposure to damage to our respective business reputations upon any failure of compliance.&#8221;</div>
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      <table cellspacing="0" cellpadding="0" id="zc4106d8c913941e38c0e4b836db69789" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 36pt;">&#8226;</div>
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              <div>&#8220;Other adverse consequences of climate change could include an increased frequency of severe weather events and rising sea levels that could affect
                operations at our manufacturing facilities, the price of insuring Company assets, or other unforeseen disruptions of the Company&#8217;s operations, systems, property, or equipment.&#8221;</div>
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    </div>
    <div style="margin-left: 18pt;">We have not identified, nor do we foresee, credit risk from climate-related matters.&#160; We believe technological changes manifest more as
      opportunities, as opposed to risks, as the benefits from our products include water conservation benefits among other climate benefits. The Company is uniquely positioned to help its customers adapt to the most direct weather-related impacts of
      global temperature increase through its portfolio of agricultural water management products and services. Over a long-term, the Company&#8217;s utility power distribution and value-added solar product offerings will contribute to global adoption of clean
      energy.&#160; This presents a strategic opportunity for the Company to apply its product innovation expertise to the serious global challenge of climate change. We have not identified any market trends that would challenge the Company&#8217;s business
      opportunities.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 18pt;">We have developed and are developing climate-related goals, and measuring and refining our measurement of climate impact. During that
      process while reviewing the policy and regulatory changes, we will continue to review and evolve the Staff&#8217;s referenced risk factor in the Company&#8217;s future SEC filings.</div>
    <div><br>
    </div>
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              <div>3.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>Please disclose any material litigation risks related to climate change and explain the potential impact to the company.</div>
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    <div style="text-align: justify; text-indent: 18pt;"><u>Valmont Response:</u></div>
    <div style="margin-left: 18pt; margin-bottom: 8pt;">As reported in Item 3 of the Company&#8217;s Form 10-K, we advise the Staff that the Company is not party to, nor are any of
      its properties subject to, any material legal proceedings.&#160; From time to time, the Company is engaged in routine litigation incidental to our businesses.</div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="margin-left: 18pt; margin-bottom: 8pt;">We define climate change-related litigation to be a case alleging climate change impacts from our operations or failure
      to meet applicable law related to climate change. We monitor our operations, including through our disclosure controls, to determine and assess known and potential loss contingencies. We routinely engage in this process in connection with our
      disclosure controls, and should we make a different determination of material litigation risks related to climate change, including the potential risk related to climate change litigation, we will update our disclosures in our future SEC filings.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><u>Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations, page 21</u></div>
    <div>
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              <div>4.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>It appears you have identified climate-related projects in your Sustainability Report and Sustainability Annex, such as projects related to reducing
                emissions. Tell us about past and future capital expenditures for climate-related projects. Include quantitative information for the periods covered by your Form 10-K and for future expenditures as part of your response.</div>
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    </div>
    <div style="text-align: justify; text-indent: 18pt;"><u>Valmont Response:</u></div>
    <div style="margin-left: 18pt; margin-bottom: 8pt;">The Company advises the Staff the Company had no material capital expenditures for climate-related projects for the
      periods covered in our 2021 Form 10-K and through the date of this letter.&#160; If in the future we incur or know we will undertake any material capital project with the primary purpose of addressing climate change, we will disclose appropriate detail
      about the project including the anticipated expenditures.</div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="margin-left: 18pt; margin-bottom: 8pt;">The Company advises the Staff that the amount of climate-change related capital expenditures were approximately 4.6% of
      the aggregated consolidated capital expenditures for the three years ended December 25, 2021, which we do not consider material. These climate-change related capital expenditures were primarily the purchase of solar energy generation equipment,
      electric vehicles, and more energy efficient lighting for our factories.</div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
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              <div>5.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>To the extent material, discuss the indirect consequences of climate-related regulation or business trends, such as the following:</div>
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              <div style="margin-left: 36pt;">&#8226;</div>
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              <div>decreased demand for goods or services that produce significant greenhouse gas emission or are related to carbon-based energy sources;</div>
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    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z32d964cb899347ce9501f942a63e886d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 36pt;">&#8226;</div>
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              <div>increased demand for goods that result in lower emissions than competing products;</div>
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    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z16bcafc3fb8741dcbb46fae647201c22" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 36pt;">&#8226;</div>
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              <div>increased competition to develop innovative new products that result in lower emissions;</div>
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    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z47f6badd041c4a9c9d75c21d3a1394f5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 36pt;">&#8226;</div>
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              <div>increased demand for generation and transmission of energy from alternative energy sources; and</div>
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      <table cellspacing="0" cellpadding="0" id="zac76059f9b0d44aea88669dd6795966a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 36pt;">&#8226;</div>
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              <div>any anticipated reputational risks resulting from operations or products that produce material greenhouse gas emissions.</div>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 18pt;"><u>Valmont Response:</u></div>
    <div style="text-align: justify; margin-left: 18pt;">The Company advises the Staff its belief that an indirect consequence of climate-related regulation is increased demand for its
      renewable energy product lines.&#160; The products are solar tracker products and steel structures for rotor houses and towers for wind turbines in Northern Europe.&#160; Another indirect consequence of climate-related regulation is increased demand for
      transmission and distribution of the energy sourced from renewable energy.&#160; Distributed generation from renewable energy sources typically requires new power transmission infrastructure.&#160;&#160; The Company&#8217;s steel, concrete, and hybrid structures carry
      power for electrical substation, distribution, and transmission applications.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 18pt;">The Company uses commodities such as steel, aluminum, natural gas, and fuel in the manufacturing of its products.&#160; To date, we have not
      observed any noticeable supply shortages or price increases directly or indirectly from climate-change factors.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 18pt;">With the exception of the perceived increases in product demand noted above, the Company has not identified any other decreases or
      increases in demand or material business trends as indirect consequences of climate-change regulations or business trends due to the following:</div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zac2415804d124d16a00050beb0438c36" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 36pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>decreased demand for goods or services that produce significant greenhouse gas emission or are related to carbon-based energy sources;</div>
            </td>
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      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z5c006c79e2d34012865cdd5657efa089" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 36pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>increased demand for goods that result in lower emissions than competing products;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z71ebca8e470b45cf84834a0cf5db7182" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 36pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>increased competition to develop innovative new products that result in lower emissions;</div>
            </td>
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      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zbb4260372bfd47fb9540e961fa721c8c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 36pt;">&#8226;</div>
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            <td style="width: auto; vertical-align: top;">
              <div>any anticipated reputational risks resulting from operations or products that produce material greenhouse gas emissions.</div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 18pt;">To the extent that direct or indirect climate-change risks drive measurable, material impacts on the Company, we will provide
      appropriate disclosure in future filings with the Commission.</div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div>
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              <div>6.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>Please discuss the physical effects of climate change on your operations and results. This disclosure may include the following:</div>
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    </div>
    <div>
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              <div>quantification of material weather-related damages to your property or operations;</div>
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              <div>potential for indirect weather-related impacts that have affected or may affect your major customers or suppliers;</div>
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              <div style="margin-left: 36pt;">&#8226;</div>
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            <td style="width: auto; vertical-align: top;">
              <div>decreased agricultural production capacity of your customers in areas affected by drought or other weather-related changes; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt;">&#8226;</div>
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              <div>any weather-related impacts on the cost or availability of insurance.</div>
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    <div style="text-align: justify; margin-left: 22.5pt;">Include quantitative information for each of the periods covered by your Form 10-K and explain whether increased amounts are expected
      in future periods as part of your response.</div>
    <div style="margin-bottom: 8pt;"><br>
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    <div style="text-align: justify; margin-left: 18pt;"><u>Valmont Response:</u></div>
    <div style="text-align: justify; margin-left: 18pt;">The Company advises the Staff it considers applicable SEC disclosure rules, regulations, and guidance and to the extent material,
      evaluates disclosure regarding any physical effects of climate change on its operations.&#160; We advise that with respect to the physical effects of climate change on operations or results listed below, we currently believe that the direct or indirect
      consequences of the climate-related business trends are immaterial:</div>
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            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>severity of weather, such as floods, hurricanes, sea levels, arability of farmland, extreme fires, and water availability and quality;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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              <div style="margin-left: 72pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>We believe such climate change impacts may lead to an increase in
                  demand for product line offerings most pertinent to adapting to this threat include center pivot irrigation systems, renewable energy products, and advanced technology solutions for water management and precision agriculture.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>quantification of material weather-related damages to your property or operations;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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              <div style="margin-left: 72pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>The Company experienced a flood around its Valley, Nebraska manufacturing facility in March 2019 which we disclosed in our Form 10-Q for the period
                ended March 30, 2019.&#160; The Company has insurance policies, both for property damage and business interruption. The net financial impact from the 2019 flood was the $1 million insurance deductible. The company did not experience
                weather-related damages to its properties or operations in 2020 or 2021.</div>
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          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>potential for indirect weather-related impacts that have affected or may affect your major customers or suppliers;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>The Company&#8217;s business base is significantly varied across individual
                  customers, suppliers, and geographies.&#160; As discussed above, we believe climate change impacts may lead to an increase in demand for product line offerings most pertinent to adapting to this threat including center pivot irrigation
                systems, renewable energy products, and advanced technology solutions for water management and precision agriculture.</div>
            </td>
          </tr>

      </table>
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          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>Decreased agricultural production capacity of your customers in areas affected by drought or other weather-related changes; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z9dbee09232d0449d9e03b5785e106ceb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>To the extent our customers experience decreased agricultural production capacity from drought or other weather related changes, the Company may
                experience an increase in demand for our products, such as our center pivot irrigation systems and advanced technology solutions for water management and precision agriculture.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>any weather-related impacts on the cost or availability of insurance.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>The Company spends an immaterial amount on property insurance and does not anticipate future costs to be significantly higher.&#160; The Company has not
                experienced, not does it foresee, a lack of insurance availability in the future.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z472260a2c4b74927baefee35dd26e5e7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">
              <div>7.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>We note your disclosure on page 15 regarding potentially significant expenditures in the future to comply with environmental laws. Tell us about and
                quantify any compliance costs related to climate change for each of the last three fiscal years and provide us with additional detail regarding increased amounts expected to be incurred in future periods.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 18pt;"><u>Valmont Response:</u></div>
    <div style="text-align: justify; margin-left: 18pt;">The Company advises the Staff that the referenced costs are from the compliance requirements of environmental laws in the regions in
      which it operates and such costs were not material for any of the years presented in the 2021 Form 10-K.&#160; These compliance costs do not relate to climate change and are not anticipated to increase in future periods.</div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zba917cb7ca3944a4add58e71bf61be34" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">
              <div>8.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>If material, provide disclosure about your purchase or sale of carbon credits or offsets and any material effects on your business, financial
                condition, and results of operations. As part of your response, include quantitative information for each of the periods for which financial statements are presented in your Form 10-K and for future periods.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 18pt;"><u>Valmont Response:</u></div>
    <div style="text-align: justify;">&#160;&#160;&#160;&#160;&#160;&#160;The Company advises the Staff that it has not purchased or sold carbon credits.</div>
    <div><br>
    </div>
    <div style="text-align: center; margin-left: 18pt;">*****</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Should you have any comments or questions regarding our responses, please contact the undersigned at (402) 963-1012.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">Sincerely,</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify;">/s/ Avner M. Applbaum&#160; &#160; &#160; </div>
    </div>
    <div style="text-align: justify;">Avner M. Applbaum</div>
    <div style="text-align: justify;">Executive Vice President and Chief Financial Officer</div>
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