U.S. markets open in 4 hours 41 minutes
  • S&P Futures

    4,622.50
    +26.75 (+0.58%)
     
  • Dow Futures

    34,978.00
    +120.00 (+0.34%)
     
  • Nasdaq Futures

    16,185.25
    +134.25 (+0.84%)
     
  • Russell 2000 Futures

    2,251.40
    +8.10 (+0.36%)
     
  • Crude Oil

    71.31
    +3.16 (+4.64%)
     
  • Gold

    1,801.10
    +13.00 (+0.73%)
     
  • Silver

    23.39
    +0.25 (+1.08%)
     
  • EUR/USD

    1.1292
    -0.0028 (-0.25%)
     
  • 10-Yr Bond

    1.4820
    0.0000 (0.00%)
     
  • Vix

    25.36
    +6.78 (+36.49%)
     
  • GBP/USD

    1.3344
    +0.0005 (+0.04%)
     
  • USD/JPY

    113.3570
    +0.0470 (+0.04%)
     
  • BTC-USD

    56,990.50
    +2,651.23 (+4.88%)
     
  • CMC Crypto 200

    1,420.78
    -34.63 (-2.38%)
     
  • FTSE 100

    7,089.35
    +45.32 (+0.64%)
     
  • Nikkei 225

    28,283.92
    -467.70 (-1.63%)
     

Nucor's (NUE) Fastener Unit Acquires Coil Processing Facility

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Nucor Corporation 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 is among the prominent players in the steel space along with ArcelorMittal MT, United States Steel Corporation X and Steel Dynamics, Inc. STLD. The new facility will enable Nucor to better service the automotive cold heading quality market and offer highest quality products to customers. The Shelbyville facility will permit the Nucor Engineered Bar group to provide processed coil with superior surface quality for the most demanding automotive CHQ applications.

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.

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.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Steel Dynamics, Inc. (STLD) : Free Stock Analysis Report
 
ArcelorMittal (MT) : Free Stock Analysis Report
 
United States Steel Corporation (X) : Free Stock Analysis Report
 
Nucor Corporation (NUE) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research