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LONDON, UK / ACCESSWIRE / May 15, 2018 / If you want access to our free research report on Nucor Corp. (NYSE: NUE), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=NUE as the Company's latest news hit the wire. On May 11, 2018, the Company disclosed that it plans to invest $240 million for building at new galvanizing line at the Company's Arkansas sheet mill facility. The investment was approved by the Company's Board of Directors. The current investment is in addition to the Company's previously announced investment of $230 million in September 2016 to build a specialty cold mill complex at Nucor Steel Arkansas. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Commenting on the building of a new galvanizing line, John Ferriola, Chairman, CEO, and President of Nucor, said:
"At Nucor Steel Arkansas, we are building one of the most modern and efficient steel mills in the world. This new galvanizing line, coupled with our new specialty cold mill complex, will allow us to efficiently produce products beyond the capability of any North American mill, and to have the flexibility to meet current and future demand for advanced high-strength steel products."
MaryEmily Slate, VP and GM at Nucor Steel Arkansas, added:
"Building this galvanizing line will diversify the product mix at Nucor Steel Arkansas and allow us to better serve our automotive and value-added customers. We are positioning ourselves to become a major supplier to the growing galvanized market in the US."
Details of Investment
The current investment of $240 million will be utilized by Nucor to construct a new galvanizing line at the Company's Hickman, Arkansas facility. This facility already manufactures carbon steel sheet in hot rolled, cold rolled, pickled, floor plate and galvanized coils. The new galvanizing line is expected to be operational in H1 2021. The current investment will allow Nucor to increase its annual production capacity by approximately 500,000 tons.
The Company is reviewing several options to build additional galvanizing lines at its other sheet manufacturing facilities to expand production capacity and capitalize on the market opportunities available in the sheet business.
The work on constructing an additional cold mill at its Nucor Steel Arkansas division where the Company had earmarked an investment of $230 million earlier, is currently in progress. The facility is expected to produce advanced high-strength, high-strength low-alloy, and motor lamination steel products aimed at the automotive market. Market research Company Ducker Worldwide had estimated in 2016 that the automotive industry would require 4 million tons of advanced high-strength and ultra-advanced high-strength steels by year 2025. The additional new cold mill would be expanding Nucor's product portfolio and produce those products that it currently does not manufacture.
The above investments being made by the Company will not only diversify its product offerings but also allow it to gain a strong foothold in the automotive and value-added services market.
About Nucor Corp.
Charlotte, North Carolina based Nucor is one of the largest producers of steel in US. The Company is also the largest recycler in North America. The Company has 90 independently operating businesses with 200 operating facilities, including its wholly owned subsidiaries Harris Steel, The David J. Joseph Company, and Skyline Steel. The Company has an annual steel production capacity of over 27 million tons.
The Company believes in a flat organization structure and has just five layers of management, with an executive team of less than 100 people.
The Company and its affiliates manufacture a wide range of steel products including carbon and alloy steel -- in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; steel grating; and wire and wire mesh.
Stock Performance Snapshot
May 14, 2018 - At Monday's closing bell, Nucor's stock marginally fell 0.57%, ending the trading session at $62.76.
Volume traded for the day: 2.84 million shares, which was above the 3-month average volume of 2.59 million shares.
Stock performance in the last month – up 1.83%; previous six-month period – up 11.04%; and past twelve-month period – up 9.49%
After yesterday's close, Nucor's market cap was at $20.05 billion.
Price to Earnings (P/E) ratio was at 17.70.
The stock has a dividend yield of 2.42%.
The stock is part of the Basic Materials sector, categorized under the Steel & Iron industry. This sector was up 1.0% at the end of the session.
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