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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) 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.
Nucor invites stakeholders to its third-quarter earnings conference call scheduled for October 20, 2022, at 2 p.m. Eastern Time. Hosted by Leon Topalian, the call will discuss Nucor's financial results for the quarter ending October 1, 2022, followed by a question-and-answer session. To participate, listeners can log onto the provided web links. An archive of the call will be available for those unable to attend live. Nucor is recognized as North America's largest recycler and a major manufacturer of steel products.
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 remarks from Leon Topalian, Nucor’s Chair and CEO, along with insights on the company's strategy and updated mid-term financial targets. Due to limited capacity, in-person attendance is by invitation only. A live webcast will be available on Nucor's investor relations website, with a replay accessible for 60 days following the event. Further registration details will also be provided on the website.
Nucor Corporation (NYSE: NUE) announced plans to construct a new galvanizing line at its Steel Berkeley facility in South Carolina, with a total investment of $425 million. This project aims to enhance Nucor's capabilities in the automotive and consumer durables sectors, creating over 50 new jobs, and will have an annual capacity of approximately 500,000 tons. Construction is expected to commence by mid-2025. Additionally, Nucor plans another galvanizing line in the western United States, further diversifying its operations.
Nucor Corporation (NYSE: NUE) announced its new steel plate mill in Brandenburg, Kentucky, is pursuing LEED v4 certification, marking it as the world's first steel mill with this certification. The $1.7 billion facility will produce 1.2 million tons of steel plate annually, fulfilling 97% of domestic demand and supporting offshore wind farm construction. Key sustainability features include efficient lighting, green vehicle support, and significant construction waste diversion. Nucor aims to further reduce greenhouse gas intensity through renewable energy and innovative technologies, solidifying its position as a sustainable leader in the steel industry.
The board of directors of Nucor Corporation (NYSE: NUE) declared a quarterly cash dividend of $0.50 per share, payable on November 10, 2022. This dividend is for stockholders of record as of September 30, 2022 and marks Nucor's 198th consecutive quarterly cash dividend. Nucor is a leading manufacturer of steel products with operations across the U.S., Canada, and Mexico, producing a variety of steel products and serving as North America's largest recycler.
Nucor Corporation (NYSE: NUE) has appointed Leon J. Topalian as Chair of the Board of Directors, in addition to his role as President and CEO, effective September 15, 2022. Christopher J. Kearney has been designated as Lead Director. Topalian has served as CEO since 2020 and brings extensive experience from various leadership roles within Nucor since 1996. Kearney, a Board member since 2008, founded Eagle Marsh Holdings and has held senior roles at multiple companies. This transition reflects a planned leadership change aimed at continuing Nucor's success.
Nucor Corporation (NYSE: NUE) announced guidance for Q3 2022, projecting earnings between $6.30 and $6.40 per diluted share. This reflects a decrease compared to $9.67 per share in Q2 2022 and $7.28 in Q3 2021. The steel mills segment is expected to see significantly lower earnings due to reduced shipping volumes and metal margin contraction, while the steel products segment remains strong. Nucor's share repurchase activity totaled 5.3 million shares at an average price of $122.24 this quarter, with over $2.7 billion returned to stockholders year-to-date.
Nucor Corporation (NYSE: NUE) plans to invest $200 million over five years for modernization projects at its Nucor Steel Berkeley facility in Huger, South Carolina. This includes constructing a new air separation unit (ASU) to supply industrial gases for steelmaking operations. UIG LLC, a Nucor subsidiary, will manage the ASU. Additionally, Nucor received grants from the State of South Carolina and entered a fee-in-lieu of tax agreement, enhancing its operational efficiency. Nucor Steel Berkeley produces up to 3.5 million tons of steel annually and employs around 1,000 workers.
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