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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 Corporation (NYSE: NUE) has agreed to acquire Hannibal Industries, Inc. for $370 million, valuing the deal at 6.9x EBITDA based on the trailing-twelve months ending March 2021. Hannibal Industries is a leading provider of racking solutions for various sectors, enhancing Nucor's reach in the warehouse channel. The acquisition aims to complement Nucor's existing product capabilities and increase market leadership. The transaction is pending necessary approvals, buying 100% of Hannibal's shares from its ESOP.
Nucor Corporation (NYSE: NUE) announced ambitious greenhouse gas (GHG) emissions reduction goals, targeting a 35% decrease in Scope 1 and Scope 2 emissions intensity by 2030, based on a 2015 baseline. Nucor currently emits 0.47 tons of CO2 per ton of steel, significantly lower than the global average of 1.69 tons. The company aims to reach 0.38 tons by 2030, while also addressing Scope 3 emissions. As North America’s largest recycler, Nucor continues to invest in renewable energy and new recycled steel facilities, strengthening its position as a leader in sustainable steel production.
Nucor invites participants to its second quarter earnings conference call on July 22, 2021, at 2 p.m. Eastern Time, hosted by President and CEO Leon Topalian. The call will cover results for the quarter ending July 3, 2021, followed by a Q&A session. Interested parties can access the call via the provided links. If unable to join live, an archived version will be available on Nucor's website.
Nucor Corporation (NYSE: NUE) has been awarded the General Motors Supplier of the Year for the third consecutive year during a virtual ceremony. Nucor is the only electric arc furnace steelmaker to receive this honor. The award recognizes suppliers based on criteria including product purchasing, customer care, and logistics. Nucor's President, Leon Topalian, expressed gratitude towards GM, emphasizing their strong partnership amid the challenges presented by the pandemic. This accolade highlights Nucor's commitment to sustainability and innovation in the manufacturing industry.
Nucor Corporation (NYSE: NUE) anticipates record-breaking earnings for Q2 2021, estimating earnings between $4.60 and $4.70 per diluted share, exceeding the previous record of $3.10 in Q1 2021. The steel mills and steel products segments are projected to show strong profitability due to high demand and rising prices. However, an estimated $42 million non-cash impairment charge will impact earnings. Nucor has repurchased 6.7 million shares this quarter, returning over $1.10 billion to shareholders in 2021.
Nucor Corporation (NYSE: NUE) announced a quarterly cash dividend of $0.405 per share, reflecting its commitment to returning value to shareholders. This dividend, marking the 193rd consecutive payment, is scheduled for August 11, 2021, to stockholders on record by June 30, 2021. Nucor, a leading manufacturer of steel products, operates in the U.S., Canada, and Mexico, producing a wide range of steel products and functioning as North America's largest recycler.
Nucor Corporation (NYSE: NUE) announced its acquisition of Cornerstone Building Brands' insulated metal panels (IMP) business for $1 billion, effectively $900 million after tax benefits. This strategic move aims to expand Nucor's product offerings in the growing non-residential market, particularly in energy-efficient IMP solutions. The transaction, expected to close later this year, enhances Nucor's strong financial position and integrates seven manufacturing facilities across North America. The demand for IMP products is projected to grow at double-digit rates, driven by trends in e-commerce and data center expansions.
Nucor Corporation (NYSE: NUE) has authorized a new share repurchase program of up to $3.00 billion, replacing the previous $2.00 billion plan. Approximately $1.55 billion of stock was repurchased under the former program since its inception in 2018. The company will conduct buybacks in the open market or through private transactions, with no expiration date for the new authorization. The timing and amount will depend on market conditions and share price.
Nucor Corporation (NYSE: NUE) announced a $58 million investment to upgrade its engineered bar mill in Nebraska, enhancing production capabilities for the automotive sector. The project includes a new reheat furnace and increased surface quality for engineered bar products, expected to be operational by Q4 2022. This upgrade aims to align product offerings with customer demand, further diversifying supply while reinforcing Nucor's leadership in the engineered bar market. The Nebraska facility has been operational since 1973, employing 500 workers.
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