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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 signed a 10-year Virtual Power Purchase Agreement (VPPA) with Ørsted for 100 megawatts from the Western Trail wind farm in Texas. This agreement, Nucor's second VPPA, complements a previous deal with EDFR Renewables for a 250-megawatt solar project in Texas. These initiatives aim to support renewable power generation 24/7, enhancing Nucor's sustainability efforts. Ørsted's WTW project is under construction and will utilize Nucor steel, contributing to its resilience during severe weather events.
Nucor Corporation (NYSE: NUE) has announced expectations for record earnings in the first quarter of 2021, projecting earnings between $3.00 and $3.10 per share. This will surpass the previous record from 2008. Strong demand and higher prices across all segments, especially in the steel mills division, are driving profitability. Nucor is also actively repurchasing shares, with 5.4 million shares bought back at an average price of $56.11. The company anticipates exceeding $4.5 billion in liquidity.
Nucor Corporation (NYSE: NUE) announced plans to invest $164 million in a new tube mill in the Midwest, the largest market for steel products in the U.S. This facility aims to produce approximately 250,000 tons of hollow structural section tubing, mechanical steel tubing, and galvanized solar torque tube. Expected to commence operations in two years, the mill builds on prior investments in the region, enhancing Nucor's position as a low-cost steel producer. This move supports growing demand in construction, infrastructure, and renewable energy, particularly solar, reinforcing Nucor's commitment to sustainability.
Nucor Corporation (NYSE: NUE) announced plans to establish a third TrueCore manufacturing facility in Brigham City, Utah, covering 120,000 square feet. This facility aims to produce insulated wall and roof panels using advanced technology and is expected to become operational in 2022, creating 50 jobs. The expansion will enhance Nucor's capacity and improve service to customers in the western U.S. and Canadian markets. The facility, contingent on tax incentives, joins Nucor's existing operations in Utah as part of its strategy to broaden value-added product offerings.
Nucor Corporation (NYSE: NUE) announced a quarterly cash dividend of $0.405 per share, reflecting its ongoing commitment to returning value to shareholders. This marks Nucor's 192nd consecutive quarterly cash dividend. The dividend will be payable on May 11, 2021, to stockholders of record as of March 31, 2021. Nucor is recognized as North America's largest recycler, manufacturing a diverse range of steel products across the U.S., Canada, and Mexico.
Nucor Corporation (NYSE: NUE) announced it anticipates record earnings exceeding $900 million for Q1 2021, driven by strong demand across markets. The company's sheet, plate, bar, and structural mills forecast increased profitability over Q4 2020, aided by rising prices and shipment volumes. The raw materials segment is also expected to improve due to higher prices. Despite the positive outlook, the company warned that actual results may vary due to factors such as competitive pressures and market demand.
Nucor Corporation (NYSE: NUE) reported Q4 2020 net earnings of $398.8 million, or $1.30 per diluted share, a significant increase from $193.4 million in Q3 2020 and $107.8 million in Q4 2019. Full-year earnings totaled $721.5 million, down from $1.27 billion in 2019. Notable expenses included a $314.2 million non-operational item affecting earnings. Nucor ended Q4 with $3.16 billion in cash, maintaining a strong financial position. The first quarter of 2021 is expected to show increased profitability, driven by strong demand in key markets.
Nucor invites stakeholders to its Fourth Quarter Conference Call on January 28, 2021, at 2 p.m. Eastern Time, to discuss financial results for Q4 2020. Hosted by Leon Topalian, CEO, the call will include a comprehensive review followed by a Q&A session. For those unable to attend live, the archived call will be accessible on Nucor's website. Nucor, a leader in steel manufacturing in North America, emphasizes sustainability through its substantial recycling operations.
Nucor Corporation (NYSE: NUE) announced the retirement of Executive Vice President Craig A. Feldman after 35 years with the company, effective June 2021. Feldman has had a significant impact on Nucor’s raw materials strategy since joining DJJ in 1986. Following his retirement, Daniel R. Needham will be promoted to Executive Vice President of Bar and Rebar Fabrication Products on February 1, 2021, having demonstrated strong leadership since joining Nucor in 2000. This transition follows Nucor's strategic succession planning initiatives.
Nucor (NYSE: NUE) invites stakeholders to its fourth quarter earnings conference call scheduled for January 28, 2021, at 2 p.m. Eastern Time. The call will feature a review of Nucor's financial results for the quarter ending December 31, 2020, led by President and CEO Leon Topalian. Participants can access the call via the web at this link. An archived version of the call will be available on Nucor's website for those unable to attend live.
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