U.S. Markets closed

Nucor CEO talks strategy for continued growth during investors' event

Collin Huguley
Nucor CEO talks strategy for continued growth during investors' event

Nucor Corp. hosted its 2019 Investor Day in New York on Thursday, projecting its vision for continued growth through investments on the heels of a strong first quarter and record-breaking 2018. John Ferriola, CEO of the Charlotte-based steel manufacturer, said the company has budgeted $3.45 billion in “strategic growth investments.” The projects are expected to start up between this year and late 2022.  Several of the projects involved a desire for “moving up the value chain,” at the company’s Hickman, Arkansas, sheet facility. A $230 million specialty cold mill complex is now starting up there, while a $240 million hot band galvanizing line is targeted for completion in mid-2021.  Jim Frias, Nucor executive vice president and chief financial officer, also laid out a goal of returning a minimum of 40% of earnings to shareholders through more growth, which the expansion projects can potentially provide.