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Nucor Corporation (NYSE: NUE) is a leading manufacturer of steel and steel products headquartered in Charlotte, North Carolina. With operations spanning the United States, Canada, and Mexico, Nucor is North America's largest recycler, having recycled approximately 19.2 million tons of scrap steel in 2012 alone.
Nucor's core business segments include steel mills, steel products, and raw materials. The steel mills segment, which generates the majority of the company's revenue, produces carbon and alloy steel in sheet, bars, structural, and plate forms. Besides steel manufacturing, Nucor operates international trading companies that buy and sell steel products globally.
In 2023, Nucor reported consolidated net earnings of $4.52 billion and demonstrated strong financial performance with a commitment to returning capital to stockholders. The company maintains a robust cash position, with $6.73 billion in liquidity at the end of the third quarter of 2023.
Nucor has made strategic acquisitions to expand its market presence and capabilities. Notable acquisitions include Skyline Steel LLC, Southwest Data Products, and Rytec Corporation. These acquisitions enable Nucor to diversify its product offerings, such as high-performance commercial doors and data center infrastructure, while enhancing its core steelmaking business.
On the sustainability front, Nucor has introduced Econiq™-RE, a steel product made with 100% renewable energy, aligning with its commitment to reducing greenhouse gas emissions. This innovation supports strategic partnerships, like the one with Mercedes-Benz, to deliver lower-embodied carbon steel.
Nucor's forward-looking growth strategy emphasizes investment in new product lines, maintaining high safety standards, and leveraging its market position to capitalize on steel-intensive megatrends. The company's ongoing projects and financial health position it well for sustained success and resilience in the evolving steel industry.
Nucor (NYSE: NUE) announced leadership changes as Executive Vice President Gregory J. Murphy plans to retire on June 7, 2025, after serving the company since 2015. Murphy will transition from his current role as Executive VP of Business Services and General Counsel on March 9, 2025.
Two key promotions were announced: Benjamin M. Pickett will become Executive Vice President of Business Services, and Douglas R. Wilner will assume the role of President of Corporate Legal Affairs and General Counsel. Murphy will serve as an advisor to CEO Leon Topalian during the transition period.
Both Pickett and Wilner bring significant legal experience to their new roles. Pickett joined Nucor in 2018 and was previously a Partner at Moore & Van Allen, while Wilner joined in 2016 after serving as Assistant General Counsel at Monsanto Company.
Nucor (NYSE: NUE) has declared its 208th consecutive quarterly cash dividend of $0.55 per share on its common stock. The dividend will be payable on May 12, 2025, to stockholders of record on March 31, 2025.
Nucor operates manufacturing facilities across the United States, Canada, and Mexico, producing various steel and steel products including carbon and alloy steel, hollow structural sections, electrical conduit, steel racking, and numerous other steel-based products. Through The David J. Joseph Company, Nucor also engages in metal brokerage and scrap processing, maintaining its position as North America's largest recycler.
Nucor (NYSE: NUE) reported fourth quarter 2024 earnings of $287 million ($1.22 per diluted share), compared to $785 million ($3.16 per share) in Q4 2023. Full-year 2024 earnings were $2.03 billion ($8.46 per share), down from $4.53 billion ($18.00 per share) in 2023.
Q4 2024 net sales decreased 5% to $7.08 billion from Q3 2024, and fell 8% year-over-year. The company shipped approximately 6,058,000 tons to outside customers in Q4 2024, a 2% decrease from Q3 2024. Operating rates at steel mills were 74% in Q4 2024.
The company maintained strong financial position with $4.14 billion in cash and cash equivalents. During Q4 2024, Nucor repurchased 2.1 million shares at an average price of $149.81 per share and declared a quarterly dividend of $0.55 per share, marking its 207th consecutive quarterly dividend.
Nucor (NYSE: NUE) has announced its upcoming fourth quarter earnings conference call, scheduled for January 28, 2025, at 10:00 a.m. Eastern Time. The call will be hosted by Leon Topalian, Nucor's Chair, President and Chief Executive Officer, who will review the company's financial results for Q4 2024 ended December 31.
The conference call will be accessible via web at https://app.webinar.net/P5Ybqp1y4rJ or https://nucor.com/. For those unable to attend the live webcast, an archived version will be available on Nucor's website.
Nucor operates manufacturing facilities across the United States, Canada, and Mexico, producing a diverse range of steel and steel products including carbon and alloy steel, hollow structural sections, electrical conduit, steel racking, and various construction materials. The company, recognized as North America's largest recycler, also provides metal brokerage services through The David J. Joseph Company.
Nucor (NYSE: NUE) announced that the Global Steel Climate Council (GSCC) has certified its Science-Based Emissions Targets (SBET). The company aims to reduce emissions to 0.975 metric tons of CO2e per metric ton of hot-rolled steel by 2030, using 2023 as the base year.
Nucor has also set a net-zero target by 2050, targeting 0.116 metric tons of CO2e per metric ton of hot-rolled steel, becoming the first U.S. diversified steelmaker to set GHG reduction targets including Scopes 1, 2, and 3. The company currently uses nearly 80% recycled scrap in its production process, maintaining one-third the GHG intensity of traditional blast furnace steelmaking.
To achieve these goals, Nucor will implement clean electricity, carbon capture and sequestration, near-zero GHG iron making, and reduce injection carbon and natural gas usage in production processes.
Nucor (NYSE: NUE) has announced its upcoming fourth quarter earnings conference call, scheduled for January 28, 2025, at 10:00 a.m. Eastern Time. The webcast will be hosted by Leon Topalian, Nucor's Chair, President and Chief Executive Officer, who will present the company's financial results for the quarter ended December 31, 2024, followed by a Q&A session.
The conference call will be accessible through two web addresses: https://app.webinar.net/P5Ybqp1y4rJ and https://nucor.com/. For those unable to attend the live webcast, an archived version will be available on Nucor's website.
Nucor operates steel manufacturing facilities across the United States, Canada, and Mexico, producing a diverse range of steel products including bars, beams, sheet, plate, tubing, electrical conduit, racking, piling, joists, deck, reinforcing steel, castings, fasteners, building systems, and more. Through The David J. Joseph Company, Nucor also engages in metal brokerage and scrap processing, maintaining its position as North America's largest recycler.
Nucor (NYSE: NUE) has announced plans to build its third utility structures production facility in Brigham City, Utah, with a $200 million investment that will create 200 full-time jobs. This facility joins two other facilities under construction in Decatur, Alabama, and Crawfordsville, Indiana.
The new Utah facility will be built on Nucor's existing campus and will feature highly automated operations and advanced hot-dip galvanizing capabilities. The strategic location aims to meet growing utility infrastructure demand in the western U.S., driven by distributed energy projects, data centers, and population growth.
The company expects to begin production at its Alabama and Indiana facilities in the first and second half of 2025, respectively. The Utah facility will receive plate and sheet products from Nucor steel mills via rail and will have a freight advantage compared to regional competitors.
Nucor (NYSE: NUE) has provided guidance for Q4 2024, projecting earnings between $0.55 to $0.65 per diluted share, down from $1.05 in Q3 2024 and $3.16 in Q4 2023. The decline is primarily attributed to decreased earnings in the steel mills segment due to lower volumes and average selling prices. The steel products segment also expects decreased earnings, while the raw materials segment anticipates improvement.
The company has repurchased approximately 2.1 million shares at $149.81 per share in Q4, bringing the year-to-date total to 13.1 million shares at $168.75 per share. Nucor has returned over $2.73 billion to stockholders through share repurchases and dividends year-to-date.
Nucor (NYSE: NUE) has announced an increase in its regular quarterly cash dividend to $0.55 per share, payable on February 11, 2025, to stockholders of record on December 31, 2024. This marks Nucor's 207th consecutive quarterly dividend and represents the company's 52nd consecutive year of dividend increases since initiating dividend payments in 1973.
The company operates steel manufacturing facilities across the United States, Canada, and Mexico, producing a wide range of steel products including bars, beams, sheet, plate, and various construction materials. As North America's largest recycler, Nucor also engages in metal brokerage and scrap processing through its subsidiaries.
Nucor (NYSE: NUE) reported consolidated net earnings of $249.9 million, or $1.05 per diluted share, for the third quarter of 2024. Excluding non-cash impairment charges, adjusted net earnings were $353.0 million, or $1.49 per diluted share. Net sales decreased 8% to $7.44 billion compared to Q2 2024 and 15% compared to Q3 2023.
The company shipped approximately 6,196,000 tons to outside customers, a 1% decrease from both Q2 2024 and Q3 2023. Steel mill shipments decreased 3% compared to Q2 2024. The average scrap and scrap substitute cost per gross ton used was $378, down 5% from Q2 2024.
Nucor expects Q4 2024 earnings to decrease compared to Q3 2024, primarily due to lower average selling prices and decreased volumes in the steel mills segment. The company repurchased approximately 2.5 million shares during Q3 2024 and declared a cash dividend of $0.54 per share.
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