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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) provided its fourth quarter 2022 earnings guidance, projecting earnings between $4.25 and $4.35 per diluted share. This is a significant decline from $6.50 per diluted share in Q3 2022 and $7.97 in Q4 2021. The guidance includes a $58 million benefit from state tax credits. The steel mills segment expects lower earnings due to reduced selling prices and volume, while the steel products segment anticipates declining earnings from lower volumes. Nucor has repurchased approximately 3.1 million shares in Q4, returning $3.3 billion to shareholders year-to-date.
Nucor Corporation (NYSE: NUE) announced a quarterly cash dividend increase to $0.51 per share, payable on February 10, 2023, to stockholders of record on December 30, 2022. This marks Nucor's 199th consecutive quarterly dividend and highlights the company's consistent dividend growth for 50 years since it began paying dividends in 1973. Nucor is recognized as North America's largest recycler and manufactures a variety of steel products across the U.S., Canada, and Mexico.
Nucor Corporation (NYSE: NUE) announced the promotion of Noah Hanners to Executive Vice President, effective January 1, 2023. Hanners has been with Nucor since 2011, holding various leadership roles including Vice President and General Manager of The David J. Joseph Company. His extensive experience includes positions at Nucor Steel South Carolina and Nucor Tubular Products. Nucor's Chair, Leon Topalian, expressed confidence in Hanners' capabilities, emphasizing his contributions to the executive management team.
Nucor Corporation (NYSE: NUE) commends the Biden Administration's commitment to the domestic steel industry, opposing a WTO panel decision asserting that Section 232 steel import measures violate U.S. commitments. These measures are vital for national security and bolster the American steel supply chain, which has faced challenges from global overcapacity and unfair trade practices. CEO Leon Topalian emphasizes the need for reform in the WTO dispute settlement system, citing it as overreaching and detrimental to U.S. sovereignty.
Nucor Corporation (NYSE: NUE) announced an equity investment in Electra, a Colorado-based start-up focused on carbon-free iron production. Electra's innovative process uses renewable energy to refine low-grade iron ore into high-purity iron with zero carbon emissions. This investment aligns with Nucor's commitment to sustainability, as it aims to reduce greenhouse gas emissions in steelmaking. Nucor, a leader in electric arc furnace steel production, continues to invest in opportunities that further its sustainability goals and enhance its position in the steel industry.
Electra, a green iron startup, has partnered with Nucor Corporation (NYSE: NUE), the largest steel producer in the U.S., to enhance green steel production. This collaboration will scale Electra's Low-Temperature Iron (LTI) solution, which emits zero carbon dioxide using low-grade ores and renewable electricity. Nucor aims to lower its carbon emissions as part of its commitment to reducing greenhouse gas intensity by 35% by 2030. Doug Jellison from Nucor has also joined Electra's advisory board to support this initiative.
Nucor Corporation (NYSE: NUE) has joined the United Nations 24/7 Carbon-Free Energy Global Compact, becoming the first major industrial company to commit to this initiative aimed at accelerating global decarbonization of electricity systems. CEO Leon Topalian emphasized Nucor's legacy of producing low-carbon steel and its commitment to clean energy sources like wind, solar, and nuclear. The company is investing in projects to access 24/7 clean energy at its steel mills, including a strategic investment in NuScale Power Corporation (NYSE: SMR) for developing zero-carbon nuclear energy solutions.
Trane Technologies (NYSE: TT) is partnering with Nucor Corporation (NYSE: NUE) and U.S. Steel (NYSE: X) to purchase low-carbon steel for its HVAC solutions. This move aims to significantly reduce carbon emissions, with an annual reduction expectation of nearly 16,000 metric tons, equivalent to powering over 55,000 homes for a year. The steel purchased represents 20% of Trane's annual steel needs, and is 80% less carbon intensive than traditional steel. Trane aims for 50% net-zero steel procurement by 2030 and 100% by 2050.
Nucor Corporation (NYSE: NUE) will host an Investor Day on November 8, 2022, at 9:00 AM in New York City. The event will feature a live webcast available on Nucor's investor relations website, including presentation materials. A replay of the webcast will be accessible for 60 days post-event. Due to capacity limitations, in-person attendance is by invitation only, and institutional investors can request registration details via email. Nucor is a leading manufacturer of steel products in North America, with operations in the U.S., Canada, and Mexico.
Nucor Corporation (NYSE: NUE) announced third-quarter 2022 consolidated net earnings of $1.69 billion, or $6.50 per diluted share, down from $2.56 billion and $9.67 per diluted share in the previous quarter. Year-to-date earnings reached $6.35 billion compared to $4.58 billion in 2021. Net sales decreased by 11% to $10.50 billion, yet up 2% from the prior year. Shipments decreased 8% from the previous quarter. Economic uncertainty may impact future earnings, but Nucor aims for record annual earnings.
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