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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 announced pricing terms for its Exchange Offers, allowing eligible holders to exchange certain debt securities for new 2.979% Notes due 2055 and cash. As of the Early Participation Deadline on December 3, 2020, Nucor accepted $439,153,000 in Existing Notes and will issue $439,153,000 of New Notes alongside $180,302,355.85 in cash. The Exchange Offers will remain open until December 16, 2020, unless extended. Key details include interest rates, acceptance percentages, and potential adjustments to the principal amounts exchanged.
Nucor Corporation (NYSE: NUE) announced an increase in its quarterly cash dividend to $0.405 per share, payable on February 11, 2021, for shareholders of record by December 31, 2020. This marks Nucor's 191st consecutive dividend and highlights the company’s commitment to returning value to its investors. Notably, Nucor has raised its base dividend for 48 consecutive years and has returned approximately $6 billion to shareholders through dividends and share repurchases over the past decade.
Nucor Corporation (NYSE: NUE) has announced the early tender results of its Exchange Offers, allowing Eligible Holders to exchange existing debt securities for new notes due in 2055, up to a limit of $650 million. As of the early participation deadline on December 2, 2020, a significant amount of existing notes, including $106.57 million of 6.400% notes due 2037 and $161.80 million of 5.200% notes due 2043, were validly tendered. The Exchange Offers expire on December 16, 2020.
Nucor Corporation (NYSE: NUE) has initiated Exchange Offers to eligible holders, proposing to exchange up to $650 million of existing debt securities for new notes due 2055. The process involves various series of existing notes with differing acceptance priority levels. Eligible holders who participate before the Early Participation Deadline can receive an Early Participation Premium of $30 per $1,000 of existing notes exchanged. The offers will expire on December 16, 2020, unless extended. The exchange is subject to conditions, including issuance limits and regulatory compliance.
Nucor Corporation (NYSE: NUE) has signed a 15-year Virtual Power Purchase Agreement with EDF Renewables for 250 MWac of solar energy in Texas. This marks Nucor's first VPPA and the largest for the steel sector. The project aims to reduce Nucor's carbon footprint and expand clean energy in the region, with construction starting in summer 2022 and expected electricity production beginning in 2023. The agreement reflects Nucor's commitment to sustainable practices and will support local job creation.
Nucor Corporation (NYSE: NUE) announced its acquisition of Precoat Metals Corporation's paint line facility in Armorel, Arkansas. This facility boasts a capacity of approximately 250,000 tons per year and is strategically located near Nucor's existing steel mill. The acquisition aligns with Nucor's strategy to streamline procurement and expand its product offerings in the pre-painted sheet market, enhancing its competitive positioning in various sectors, including construction and transportation. The move underscores Nucor's commitment to adding value for customers while leveraging existing capabilities.
Nucor Corporation (NYSE: NUE) reported third-quarter 2020 net earnings of $193.4 million ($0.63 per diluted share), a significant increase from $108.9 million ($0.36) in Q2 2020 but a decline from $275 million ($0.90) in Q3 2019. Year-to-date earnings totaled $322.6 million ($1.06 per diluted share), down from $1.16 billion ($3.78) last year. Consolidated net sales for Q3 were $4.93 billion, a 14% rise from Q2 but a 10% fall from Q3 2019. The company anticipates improved Q4 performance due to enhanced pricing in sheet and plate markets. Nucor declared a cash dividend of $0.4025 per share, payable on November 10, 2020.
Nucor (NYSE: NUE) invites stakeholders to its third quarter earnings conference call on October 22, 2020, at 2 p.m. Eastern Time. The call, hosted by President and CEO Leon Topalian, will review financial results for the quarter ending October 3, 2020, and include a Q&A session. Interested parties can access the live event online at this link. An archived version will be available on Nucor's website following the event.
Nucor invites stakeholders to join its live conference call on October 22, 2020, at 2 p.m. Eastern Time to discuss its third-quarter earnings results for the period ending October 3, 2020. The call will be hosted by Leon Topalian, President and CEO of Nucor. Participants can access the event online at this link. An archived version will be available on Nucor's website post-event. Nucor is a leading manufacturer and recycler of steel and steel products across North America.
Nucor Corporation (NYSE: NUE) has announced its guidance for Q3 2020, projecting earnings between $0.50 and $0.55 per diluted share, an increase from $0.36 in Q2 2020 but a decrease from $0.90 in Q3 2019. The downstream products segment is expected to see growth due to strong nonresidential construction markets. However, the raw materials segment will likely decline due to lower pricing for DRI. Nucor has noted improved demand and pricing for raw materials and sheet steel late in Q3, contributing to cautious optimism for Q4.
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