Advertisement
Canada markets closed
  • S&P/TSX

    22,167.03
    +59.95 (+0.27%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • DOW

    39,807.37
    +47.29 (+0.12%)
     
  • CAD/USD

    0.7384
    +0.0011 (+0.15%)
     
  • CRUDE OIL

    83.05
    +1.70 (+2.09%)
     
  • Bitcoin CAD

    95,744.66
    +2,440.94 (+2.62%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • GOLD FUTURES

    2,240.40
    +27.70 (+1.25%)
     
  • RUSSELL 2000

    2,124.55
    +10.20 (+0.48%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • NASDAQ

    16,379.46
    -20.06 (-0.12%)
     
  • VOLATILITY

    13.01
    +0.23 (+1.80%)
     
  • FTSE

    7,952.62
    +20.64 (+0.26%)
     
  • NIKKEI 225

    40,168.07
    -594.66 (-1.46%)
     
  • CAD/EUR

    0.6841
    +0.0036 (+0.53%)
     

Nucor (NUE) Set to Construct Rebar Micro Mill in Florida

Nucor Corporation NUE stated that it will build a rebar micro mill in Frostproof, FL. This $240-million investment will be Nucor’s second rebar micro mill. Nucor had announced a rebar micro mill project in Sedalia, MO in November 2017.

Nucor is building the mill in a market where demand is strong. This rebar micro mill project is in line with the company’s long-term strategy for profitable growth and strengthens its position as a low-cost producer. It will poise Nucor at a cost advantageous position over its competitors who are shipping rebar into the region from long distances.

Construction of the micro mill is expected to be completed in two years post the pending permit and regulatory approvals. It will have an estimated annual capacity of 350,000 tons and will create jobs for about 250 people.

Nucor’s shares have gained 6.4% over a year, underperforming the 16.2% growth of the industry it belongs to.

 



Nucor expects earnings in first-quarter 2018 to increase sequentially, excluding tax reform benefits recorded in fourth-quarter 2017. The company believes that there is considerable optimism in steel end-use markets. It is also encouraged by positive pricing momentum for its products in the steel mill unit.

However, the company expects first-quarter 2018 results to be adversely impacted by weather related interruptions at some of its sheet mills and higher scrap prices. It expects earnings in the steel products unit to decline owing to seasonality effect, while earnings in raw materials unit is expected to improve sequentially.

ADVERTISEMENT

Nucor Corporation Price and Consensus

 

Nucor Corporation Price and Consensus | Nucor Corporation Quote

 

Zacks Rank & Stocks to Consider

Nucor has a Zacks Rank #3 (Hold).

Some better-ranked stocks in the basic material space are LyondellBasell Industries N.V. LYB, The Chemours Company CC and Kronos Worldwide Inc. KRO, all sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

LyondellBasell has an expected long-term earnings growth rate of 9%. The company’s shares have moved up 21.4% in a year.

Chemours has an expected long-term earnings growth rate of 15.5%. The company’s shares have moved up 42.1% in a year.

Kronos has an expected long-term earnings growth rate of 5%. Its shares have gained 54.8% over a year.

Breaking News: Cryptocurrencies Now Bigger than Visa

The total market cap of all cryptos recently surpassed $700 billion – more than a 3,800% increase in the previous 12 months. They’re now bigger than Morgan Stanley, Goldman Sachs and even Visa! The new asset class may expand even more rapidly in 2018 as new investors continue pouring in and Wall Street becomes increasingly involved.

Zacks has just named 4 companies that enable investors to take advantage of the explosive growth of cryptocurrencies via the stock market.

Click here to access these stocks >>


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
 
Kronos Worldwide Inc (KRO) : Free Stock Analysis Report
 
LyondellBasell Industries N.V. (LYB) : Free Stock Analysis Report
 
Chemours Company (The) (CC) : Free Stock Analysis Report
 
Nucor Corporation (NUE) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research