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🏗️ Todays #researchshort is on $NUE or Nucor! I was looking for another company for a play on the infrastructure bill. 🏗️ 🇺🇸 About Nucor 🇺🇸 Nucor Corporation is a producer of steel and related products based in Charlotte, North Carolina. It is the largest steel producer in the United States, as well as the largest "mini-mill" steelmaker (i.e. it uses electric arc furnaces to melt scrap steel as opposed to blast furnaces to melt iron). It is also the biggest recycler of scrap in North America. Nucor operates 23 scrap-based steel production mills. In 2019, the company produced and sold approximately 18.6 million tons of steel and recycled 17.8 million tons of scrap. Nucor produces steel bars (carbon and alloy steel), beams, sheets/flat rolled steel, plates, steel joists, joist girders, steel decks, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, light gauge steel framing, steel grating, expanded metal, and wire mesh. In addition to steel, Nucor also brokers ferrous and nonferrous metals such as pig iron and HRI/DRI, supplies ferro-alloys, and processes ferrous and nonferrous scrap through its David J. Joseph Company subsidiary. -Wikipedia 📖 History of Nucor 📖 Nucor's origins are with auto manufacturer Ransom E. Olds, who founded Olds Motor Vehicle Company in 1897 (the company later became Oldsmobile, part of General Motors Corporation). In 1905, Olds left Oldsmobile and established a new company, REO Motor Car Company, in Lansing, Michigan. Although REO's products (including the luxurious REO Flying Cloud car and REO Speed Wagon truck) were popular, they were not profitable, and the company filed for bankruptcy in 1938. After the bankruptcy reorganization, REO shifted its focus from cars to trucks, but continued to suffer losses. In December 1954, REO sold its entire manufacturing operations to Bohn Aluminum and Brass Corporation. The company initiated liquidation proceedings after the sale of its operations, but a group of dissident activist shareholders, noticing the existence of a usable tax loss, successfully challenged the liquidation in a proxy fight in September 1955 and forced REO to take over a tiny nuclear services company called Nuclear Consultants, Inc. in a reverse takeover. The company was renamed "Nuclear Corporation of America Inc." and relocated to offices in the Empire State Building in New York City. The organization's attempt to recast itself as a nuclear industry services company was unsuccessful, and it followed the example of other companies in the 1950s and 60s by attempting to become a conglomerate, moving its headquarters to Phoenix, Arizona. It made several acquisitions, including the Vulcraft Corporation, a steel joist manufacturer located in Florence, South Carolina. Vulcraft was founded by Sanborn Chase (no relation to Chase & Sanborn Coffee), who died at an early age, leaving the company to his widow. Nuclear purchased Vulcraft from Chase's widow in 1962 and hired F. Kenneth Iverson as general manager. In March 1965, the company again filed for bankruptcy. The Board of Directors fired Nuclear's President (and had to return his business jet to him), but could not find a replacement. Eventually Samuel Siegel (no relation to the mandolinist Samuel Siegel), an accountant with Nuclear and friend of Iverson, who had been looking to leave the company, informed the Board that he would remain with them under two conditions: Iverson would become President and he (Siegel) would become CFO. The Board accepted. Iverson and Siegel reorganized Nucor around its only profitable business, the steel fabricator Vulcraft. All other businesses were either sold or liquidated. In 1966, the company moved its headquarters to Charlotte, North Carolina to be closer to its main Vulcraft plant. In 1968, unable to get favorable steel prices from American manufacturers and unhappy with the imported steel available at the time, Iverson, a metallurgist by training, decided to extend Nucor vertically into steelmaking by building its first steel bar mill in Darlington, South Carolina. The company chose to purchase an electric arc furnace, which was far cheaper than the traditional steel blast furnace with a $6 million loan secured by all of the company's assets. Production delays and staffing problems caused the company's stock to drop to pennies, but earnings soared in 1971 and 1972.In 1972, the company, recognizing that it was now misnamed, adopted its current title, Nucor Corporation. Nucor saw the demand for low cost commodity steel products (e.g. rebar) and started producing them. They began selling steel to other companies that had previously been importing inferior quality steel. -Wikipedia 💰 Nucor Fastener Unit Acquires Coil Processing Facility 💰 October 15 2021 NUE recently announced that with the acquisition of an existing state-of-the-art coil processing site in Shelbyville, IN it is expanding the Nucor Fastener division. This facility consists of an automated clean and coat line, 2 STC furnaces and wire drawing capabilities. Along with coil processing, Nucor will expand its fastener manufacturing capabilities by installing bolt making equipment at the Shelbyville facility. This new operation will employ roughly 33 team members at the start with the possibility to double those jobs as it reaches full capacity. Nucor recycles steel in electric arc furnaces, with greenhouse gas emissions that are one-third of the global steelmaking average and nearly one-fifth of the average blast furnace steel producer. This makes the company one of the cleanest steel manufacturers in the world. Its Fastener Products are made with 97% recycled content, which is more sustainable than fasteners produced from blast furnace steel made overseas. Nucor noted that adding bolt making capability to the Shelbyville facility will expand its offerings to the automotive, heavy truck, industrial/MRO and structural fastener markets. Nucor Fastener is already a leader in steel fasteners and this expansion will further strengthen that position, the company stated. https://finance.yahoo.com/news/nucors-nue-fastener-unit-acquires-125712824.html 🤝 $NUE and $GM 🤝 Nucor NUE recently unveiled Econiq, a range of net-zero carbon steel products. It aims to promote the purchase of steel products with the lowest greenhouse gas emissions among its customers. Econiq is the first of its kind in the United States and will be available across the whole range of Nucor's steelmaking products. Econiq will be provided to General Motors starting first-quarter 2022. It is estimated that General Motors’ steel purchase from Nucor will be net carbon neutral by the end of 2022. General Motors noted that with Econiq, the company can inch closer to its vision of a net-zero emission future and lauds Nucor’s commitment to producing net-zero carbon steel solutions. https://finance.yahoo.com/news/nucors-nue-net-zero-steel-131401496.html 📺 Cramer on $NUE 📺 Jim Cramer said on a recent episode of "Mad Money" that selling Nucor now, after a downgrade of the stock by Goldman Sachs $GS , would make no sense as it would miss all the upside potential of the company. Recently, Goldman Sachs downgraded U.S. Steel to 'sell' from 'neutral' and Nucor from 'buy' to 'neutral.' Nucor stock sailed to highs in August, but shares have dropped 20% since. But looking back at the past year, the stock is up more than 80%. Leon Topalian, president and CEO of Nucor, told Cramer the steelmaker's best days are ahead of it thanks to strong secular trends pulling in its favor and innovation at the company. He said the green and digital economies will be built with steel, and Nucor is at the forefront of both innovation and green technologies. Topalian touted Nucor's newest plant, the world's first net-zero steel production facility. The plant is just a part of what makes Nucor the cleanest steel producer on the planet. Cramer said there is still a lot that could go right for Nucor. The company's steel is still in high demand for autos and pipelines and that's not even counting the possibility of infrastructure spending from Washington. Nucor is also buying back stock and returning capital to shareholders, all of which makes Nucor a strong company in Cramer’s view. https://www.thestreet.com/investing/cramer-now-is-not-the-time-to-sell-nucor-steel-stock 📊 Nucor Financials 📊 Last month, Nucor announced guidance for third-quarter 2021. It expects the quarter’s earnings between $7.30 and $7.40 per share. The company is gearing up to report the highest quarterly earnings ever in its history, surpassing the prior record of earnings per share (EPS) of $5.04 in second-quarter 2021. This upbeat outlook is backed by strong demand across most of Nucor’s end-markets and higher average selling prices, which is driving strong profitability in all of the three segments. The company expects the steel products segment to generate higher earnings in the third quarter, owing to margin expansion stemming from higher average selling prices. Q3 earnings are confirmed for October 21, 2021 after hours. Q2 Earnings Estimate- 4.79 Actual- 5.15 Surprise- 0.36 Nucor last issued its quarterly earnings results on July 22nd, 2021. The basic materials company reported $5.04 EPS for the quarter, topping the consensus estimate of $4.81 by $0.23. The business earned $6.73 billion during the quarter, compared to the consensus estimate of $8.24 billion. Its revenue was up 55.6% compared to the same quarter last year. Nucor has generated $3.34 earnings per share over the last year ($10.07 diluted earnings per share) and currently has a price-to-earnings ratio of 10.1. Earnings for Nucor are expected to decrease by -43.61% in the coming year, from $19.33 to $10.90 per share. https://www.marketbeat.com/stocks/NYSE/NUE/earnings/ - #theconversation
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