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NUE $116.58

NUE target price
116.58
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80
Nucor Corporation
Type
Public company
Traded as NYSE: NUE
S&P 500 Index component
Industry Steel
Founded 1940; 77 years ago (1940)
Headquarters Charlotte, North Carolina
Key people
John J. Ferriola, Executive Chairman, CEO & President
Products Steel
Rebar
Revenue Decrease $16.208 billion (2016)
Net income
Increase $0.796 billion (2016)
Total assets Decrease $15.223 billion (2016)
Total equity Increase $7.879 billion (2016)
Number of employees
23,900 (2016)
Website www.nucor.com

Nucor Corporation is a producer of steel and related products headquartered in Charlotte, North Carolina. It is the largest steel producer in the United States of America and is the largest "mini-mill" steelmaker (i.e. it uses electric arc furnaces to melt scrap steel as opposed to blast furnaces to melt iron). Nucor is North America's largest recycler of any material and recycled 16.9 million tons of scrap in 2015. None of Nucor's facilities are unionized.

In 2016, the company produced and sold approximately 22 million tons of steel. Nucor operates 23 scrap-based steel production mills.

Nucor produces steel bars (carbon and alloy steel), beams, sheet / flat rolled steel, plate, steel joists, joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, light gauge steel framing, steel grating, expanded metal, and wire and wire mesh. In addition, through its David J. Joseph Company subsidiary, Nucor also brokers ferrous and nonferrous metals, pig iron and HRI/DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap.

Nucor operates many subsidiaries that operate independently, including:

Nucor's history consists of distinct eras: the Reo Motor Car era, the Nuclear Corporation of America era, the Iverson years (1967–98), the DiMicco era (2000-2012), and the Ferriola era (2013–present).

Nucor's origins are with auto manufacturer Ransom E. Olds, who founded Olds Motor Vehicle Company in 1897 (later, as Oldsmobile, to become a part of General Motors Corporation). In 1905, Olds left Oldsmobile and established a new company, REO Motor Car Company, in Lansing, Michigan. Though Olds' 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 protection in 1938.

After the bankruptcy reorganization, REO exited the car business to concentrate on 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. Nuclear'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 and attempted to become a conglomerate, moving its headquarters to Phoenix, Arizona. It made several acquisitions, including Vulcraft Corporation, a steel joist manufacturer located in Florence, South Carolina. Vulcraft had been 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 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, an accountant with Nuclear and friend of Iverson, who had been looking to leave the company, informed the Board that he would remain with the company under two conditions: Iverson would become President and he (Siegel) would become Chief financial officer, conditions 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 Nuclear 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 stock to drop to pennies but earnings soared in 1971 and 1972.

In 1972, the company, recognizing that it was misnamed, adopted its current name. Since that time, Nucor has expanded into other steel products, gained some control of its raw material supply, became a leader in recycling technology, and expanded its market presence.

In 1988, Nucor became the first minimill to manufacture wide flange beams with a depth of 40". The company opened its building products division that same year.

In 1989, Nucor opened a facility in Crawfordsville, Indiana, which was the first mini mill to produce flat rolled steel using thin-slab technology.

In March 2000, a joint venture, owned 47.5% by Nucor, 47.5% by BlueScope, and 5% by IHI Corporation was formed to license Castrip technology. This technology allows for continuous casting of sheet steel directly from molten steel without the need for heavy, expensive, and energy-consuming rollers. As a result, mills built with this technology are significantly cheaper and take up significantly less space than other mills.

In September 2000, Dan DiMicco, formerly the general manager of the company's highly profitable Nucor-Yamato Steel joint venture, was appointed CEO.

In the years that followed, the company made several acquisitions.

In 2001, the company acquired Auburn Steel, its first acquisition in 36 years. In 2002, Nucor bought Birmingham Steel, including the Mississippi Steel plant and Birmingham, Alabama, operations.

In 2004, Nucor acquired Corus Tuscaloosa. and in 2005, Nucor purchased Fort Howard Steel and Marion Steel.

In 2006, Nucor acquired Connecticut Steel, Verco Decking, and Harris Steel. The $1.07 billion acquisition of Harris Steel expanded Nucor into production of fabricated rebar, a strong market due to increased spending on infrastructure.

In 2007, the company's Nucor Building Systems division acquired Magnatrax, which bolstered its share of the pre-engineered metal building systems market.

In March 2008, in order to take more control of its raw material supply and prices, Nucor purchased the David J. Joseph Company, one of the largest scrap brokers and recycling companies in the United States.

In 2012, Nucor purchased Skyline Steel.

Effective January 1, 2013, John J. Ferriola was named as Chief Executive Officer of Nucor and Daniel R. DiMicco was named Executive Chairman. DiMicco retired effective January 1, 2014.

In 2014, the company purchased Gallatin Steel Company.

In 2015, the company acquired additional rebar facilities in Marion, Ohio and Georgia.

In 2016, Nucor announced the acquisition of a steel plate mill in Longview, Texas, and structural tube mills in Mississippi, Alabama, and Illinois. The acquisition of these facilities expanded Nucor's capabilities in the plate market and added structural tube to the company's product mix.

In April 2017, the company announced an $85 million upgrade of the rolling mill at its Marion, Ohio rebar and signpost operation.

In August 2017, the company acquired St. Louis Cold Drawn, Inc.

In 2000, Nucor paid $98 million to settle with the U.S. Justice Department and the United States Environmental Protection Agency to resolve allegations that it had not adequately controlled the emission of toxic chemicals into the air, water, and soil of Alabama, Arkansas, Indiana, Nebraska, South Carolina, Texas, and Utah. The settlement "the largest and most comprehensive environmental settlement ever with a steel manufacturer."

In 2012, as part of a settlement with the United States Environmental Protection Agency, the company agreed to reduce air pollution at its plant in Marion, Ohio.

In 2016, the company unsuccessfully filed a lawsuit to block the Environmental Protection Agency from adopting a plan to control visible pollution in Arkansas.

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q3 2022 2022-10-19 Future report Set alerts
Q2 2022 2022-07-21 9.67 9.67
Q1 2022 2022-04-21 7.67 7.67
Q4 2021 2022-01-27 7.97 7.97
Q3 2021 2021-10-21 7.28 7.28
Q2 2021 2021-07-22 5.15 5.15
Q1 2021 2021-04-22 3.12 3.12
Q4 2020 2021-01-28 1.29 1.29
Q3 2020 2020-10-22 0.65 0.65
Q2 2020 2020-07-23 0.37 0.37

Ratings

2016-07-06 Upgrade Deutsche Bank AG Hold to Buy $52.00 to $60.00
2016-06-24 Upgrade Argus Hold to Buy $58.00
2016-06-17 Reiterated Rating Bank of America Buy
2016-06-17 Reiterated Rating Bank of America Corp. Buy
2016-06-10 Reiterated Rating Jefferies Group Buy $56.00 to $60.00
2016-06-08 Boost Price Target Credit Suisse Neutral $45.00 to $55.00
2016-06-08 Boost Price Target Credit Suisse Group AG Neutral $45.00 to $55.00
2016-05-10 Boost Price Target Rosenblatt Securities Neutral $47.00 to $51.00
2016-04-27 Reiterated Rating Cowen and Company Market Perform $45.00 to $50.00
2016-04-22 Boost Price Target Jefferies Group Buy $53.00 to $56.00
2016-04-22 Downgrade Credit Agricole Outperform to Sell $40.00 to $44.00
2016-04-22 Downgrade Credit Agricole SA Outperform to Sell $40.00 to $44.00
2016-04-13 Downgrade Standpoint Research Buy to Hold $52.00
2016-04-05 Reiterated Rating JPMorgan Chase & Co. Overweight $55.00
2016-03-23 Downgrade Deutsche Bank Buy to Hold $48.00 to $50.00
2016-03-23 Reiterated Rating Credit Suisse Neutral $42.00 to $45.00
2016-03-23 Downgrade Deutsche Bank AG Buy to Hold $48.00 to $50.00
2016-03-21 Boost Price Target Jefferies Group $53.00
2016-03-17 Reiterated Rating Bank of America Buy
2016-03-10 Initiated Coverage Credit Suisse Neutral $42.00
2016-03-09 Boost Price Target Nomura Buy $47.00 to $50.00
2016-03-09 Boost Price Target Nomura Holdings Inc. Buy $47.00 to $50.00
2016-03-02 Upgrade Standpoint Research Hold to Buy
2016-02-29 Downgrade KeyBanc Outperform to Overweight $45.83 to $45.83
2016-02-29 Downgrade KeyCorp Outperform to Overweight $45.83 to $45.83
2016-02-23 Lower Price Target Cowen and Company $49.00 to $45.00
2016-01-27 Lower Price Target KeyBanc Overweight $47.00 to $44.00
2016-01-24 Reiterated Rating Morgan Stanley Equal Weight $62.00 to $59.00
2016-01-13 Lower Price Target Jefferies Group Buy $52.00 to $45.00
2016-01-12 Lower Price Target Barclays Overweight $50.00 to $48.00
2016-01-12 Lower Price Target Barclays PLC Overweight $50.00 to $48.00
2016-01-03 Initiated Coverage Standpoint Research Hold
2015-12-28 Initiated Coverage Standpoint Research Hold
2015-12-22 Lower Price Target Macquarie Neutral $47.00 to $38.00
2015-12-14 Upgrade Nomura Neutral to Buy $45.00 to $47.00
2015-11-30 Reiterated Rating Rosenblatt Securities Neutral $47.00
2015-11-25 Reiterated Rating Bank of America Buy $52.00
2015-11-24 Initiated Coverage Buy Buy
2015-11-24 Initiated Coverage BB&T Corp. Buy $50.00
2015-10-26 Lower Price Target Cowen and Company Market Perform $54.00 to $49.00
2015-10-25 Boost Price Target JPMorgan Chase & Co. $48.00 to $50.00
2015-10-19 Reiterated Rating S&P Equity Research Strong-Buy
2015-10-19 Lower Price Target JPMorgan Chase & Co. $54.00 to $48.00
2015-10-16 Initiated Coverage Rosenblatt Securities Neutral $47.00
2015-10-14 Initiated Coverage Berenberg Bank Buy
2015-10-05 Reiterated Rating Barclays Buy $50.00
2015-10-05 Upgrade Deutsche Bank Hold to Buy $52.00
2015-09-16 Lower Price Target Citigroup Inc. Neutral $47.00 to $45.00
2015-09-16 Reiterated Rating Jefferies Group Buy $52.00
2015-08-13 Reiterated Rating Deutsche Bank Hold $52.00
2015-08-12 Lower Price Target Cowen and Company $55.00 to $54.00
2015-07-22 Lower Price Target KeyBanc Overweight $49.00
2015-07-09 Reiterated Rating Barclays Buy $55.00 to $54.00
2015-07-02 Reiterated Rating Deutsche Bank Hold $50.00 to $52.00
2015-06-24 Lower Price Target KeyBanc Overweight $56.00 to $55.00
2015-04-24 Reiterated Rating Nomura Neutral $45.00
2015-04-14 Initiated Coverage Clarkson Capital Buy $55.00
2015-04-01 Downgrade Nomura Buy to Neutral
2015-03-31 Boost Price Target JPMorgan Chase & Co. Overweight $52.00 to $54.00
2015-03-16 Reiterated Rating Jefferies Group Buy $61.00 to $57.00
2015-02-06 Lower Price Target Deutsche Bank Hold $55.00 to $50.00
2015-01-29 Lower Price Target Nomura Buy $62.00 to $54.00
2015-01-28 Lower Price Target JPMorgan Chase & Co. Overweight $58.00 to $52.00
2015-01-28 Lower Price Target Jefferies Group Buy $66.00 to $61.00
2015-01-23 Upgrade Goldman Sachs Neutral to Buy $55.00 to $52.00
2015-01-23 Upgrade Goldman Sachs Group Inc. Neutral to Buy $55.00 to $52.00
2015-01-15 Lower Price Target Citigroup Inc. Neutral $55.00 to $48.00
2015-01-15 Initiated Coverage Barclays Overweight
2014-11-18 Initiated Coverage BMO Capital Markets Market Perform
2014-10-24 Reiterated Rating S&P Equity Research Buy
2014-10-24 Upgrade Credit Agricole Underperform to Outperform
2014-10-02 Boost Price Target Deutsche Bank Hold $50.00 to $55.00
2014-09-22 Reiterated Rating Jefferies Group Buy $58.00 to $66.00
2014-09-18 Reiterated Rating Macquarie Neutral $52.00 to $53.00
2014-09-18 Reiterated Rating Nomura Buy $56.00 to $62.00
2014-09-16 Reiterated Rating Morgan Stanley Equal Weight $55.26 to $62.00
2014-09-08 Boost Price Target Cowen and Company $55.00 to $59.00
2014-08-06 Initiated Coverage Argus Hold
2014-07-25 Upgrade S&P Equity Research Buy
2014-07-25 Reiterated Rating JPMorgan Chase & Co. Overweight $58.00 to $57.00
2014-06-23 Reiterated Rating Jefferies Group Buy $59.00 to $58.00
2014-06-23 Downgrade Macquarie Outperform to Neutral $57.00 to $52.00
2014-04-28 Reiterated Rating Deutsche Bank Hold $50.00
2014-04-25 Reiterated Rating JPMorgan Chase & Co. Overweight $58.00
2014-03-31 Lower Price Target KeyBanc Buy $59.00 to $58.00
2014-03-14 Downgrade Credit Suisse Outperform to Neutral $55.00 to $50.00
2014-01-31 Reiterated Cowen Market Perform $45 to $54
2014-01-31 Boost Price Target Cowen and Company Market Perform $45.00 to $54.00
2014-01-14 Downgrade BMO Capital Markets Outperform to Market Perform
2013-12-17 Reiterated Rating CIBC Sector Underperform
2013-12-12 Initiated Coverage Sanford C. Bernstein Underperform to Market Perform $56.00
2013-12-04 Boost Price Target Jefferies Group Buy $55.00 to $59.00
2013-11-22 Downgrade Wells Fargo & Co. Outperform to Market Perform
2013-11-22 Downgrade Wells Fargo Outperform to Market Perform
2013-11-18 Downgrade Citigroup Inc. Buy to Neutral $52.00 to $55.00
2013-11-13 Downgrade Morgan Stanley Overweight to Equal Weight $58.00 to $56.00
2013-11-06 Boost Price Target KeyBanc Buy $55.00 to $60.00
2013-10-18 Reiterated Rating BMO Capital Markets Buy $54.00
2013-10-18 Boost Price Target Deutsche Bank Hold $45.00 to $50.00
2013-10-18 Boost Price Target CIBC Sector Underperform $46.00 to $47.00
2013-10-16 Initiated Coverage Credit Suisse Outperform
2013-09-26 Reiterated Rating CIBC Sector Underperform
2013-09-17 Initiated Coverage BMO Capital Markets Outperform $54.00
2013-09-17 Downgrade CIBC Sector Perform to Underperform
2013-09-16 Boost Price Target Jefferies Group Buy $53.00 to $55.00
2013-07-24 Downgrade Argus Buy to Hold
2012-02-22 Downgrade Longbow Buy to Neutral
2011-10-11 Upgrade Dahlman Rose Hold to Buy $47
2011-02-28 Initiated Argus Buy $57
2010-09-21 Downgrade Longbow Neutral to Sell $30
2016-07-06 Upgrade Deutsche Bank AG Hold to Buy $52.00 to $60.00
2016-06-24 Upgrade Argus Hold to Buy $58.00
2016-06-17 Reiterated Rating Bank of America Buy
2016-06-17 Reiterated Rating Bank of America Corp. Buy
2016-06-10 Reiterated Rating Jefferies Group Buy $56.00 to $60.00

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks
DIMICCO DANIEL R CHAIRMAN AND CEO 0.19%  (607883) DUK / NUE /
FERRIOLA JOHN J PRESIDENT AND COO 0.10%  (332739) NUE /
Stratman Robert J Executive Vice President 0.08%  (240102) NUE /
LOTT HAMILTON JR EXECUTIVE VICE PRESIDENT 0.06%  (206617) NUE /
HALL LADD R Executive Vice President 0.06%  (204800) NUE /
DARSEY JAMES R Executive Vice President 0.06%  (189326) NUE /
Frias James D CFO, Treasurer and EVP 0.06%  (179330) CSL / NUE /
Grass Keith Brian Executive Vice President 0.03%  (86373) NUE /
Utermark D. Chad Executive Vice President 0.03%  (81410) NUE /
NAPOLITAN RAYMOND S JR Executive Vice President 0.02%  (78381) NUE /
Sumoski David A Executive Vice President 0.02%  (66123) NUE /
Keller Michael D General Mgr. and Corp. Contro 0.01%  (37783) NUE /
GANTT HARVEY B 0.01%  (36883) NUE /
MILCHOVICH RAYMOND J 0.01%  (33049) DOW / NUE /
BROWNING PETER C 0.01%  (32810) AYI / LOW / NPO / NUE / SCSC /
KEARNEY CHRISTOPHER J 0.01%  (30798) NUE / PPO / SPW /
KASRIEL BERNARD 0.01%  (29114) NUE /
WALKER JOHN H 0.01%  (28779) BRSS / NUE / UAL /
HAYNES VICTORIA F 0.01%  (28773) AXLL / NUE / PPG /
DALEY CLAYTON C JR 0.01%  (26759) HOT / NUE / SUNE /
Topalian Leon J Executive Vice President 0.01%  (22529) NUE /
HLAVACEK JAMES D 0.01%  (21610) NUE /