Nucor Corporation manufactures steel and steel products through steel mills, steel products and raw materials segments, with operating facilities in the United States, Canada and Mexico. Its recurring company updates cover quarterly earnings, shipment volumes, average selling prices, end-market demand, operating-segment performance, earnings guidance and conference-call materials.
Nucor news also includes capital return actions such as dividends and share repurchase authorizations, executive leadership and succession updates, and developments tied to carbon and alloy steel in bars, beams, sheet and plate; fabricated steel products; scrap processing; and raw-materials activities.
Nucor Corporation (NYSE: NUE) will hold its fourth quarter earnings conference call on January 26, 2023, at 2:00 p.m. Eastern Time. The call, hosted by Chair and CEO Leon Topalian, will review the financial results for the quarter ended December 31, 2022, and include a Q&A session. Interested participants can access the live event at this link or via Nucor's website. An archive of the call will also be available after the live webcast for those unable to attend. Nucor operates across the U.S., Canada, and Mexico, specializing in steel and steel product manufacturing.
Nucor (NYSE: NUE) has introduced Elcyon™, a new sustainable heavy gauge steel plate product aimed at supporting the offshore wind energy sector. Produced at the $1.7 billion Nucor Brandenburg mill in Kentucky, Elcyon is designed to meet growing demands from wind energy producers, offering unique qualities such as improved weldability and fracture toughness. The facility aims to meet 97% of the domestic plate market and expects an annual output of 1.2 million tons. The recent Inflation Reduction Act enhances prospects for offshore wind, potentially leading to 7.5 million tons of steel demand. Nucor emphasizes its commitment to sustainability through recycled steel production.
Nucor invites investors to join its fourth quarter 2022 earnings conference call hosted by CEO Leon Topalian on January 26, 2023, at 2:00 PM ET. The call will review Nucor's performance for the quarter ending December 31, 2022, followed by a Q&A session. The event can be accessed online, with an archive available later for those unable to attend live. Nucor is a leading manufacturer of steel and steel products across North America and is recognized as the largest recycler in the region.
Nucor Corporation (NYSE: NUE) announced the successful start of its new steel plate mill in Brandenburg, Kentucky, which rolled its first steel plate on December 30, 2022. The mill is expected to ship products in Q1 2023 and represents a $1.7 billion investment aimed at producing 1.2 million tons annually. It will be a key supplier of heavy gauge plates for offshore wind towers, supporting the increasing demand from the clean energy sector. The facility aims to pursue LEED v4 certification, emphasizing sustainability in its operations.
Nucor Corporation (NYSE: NUE) announced that California Steel Industries (CSI) will construct a new continuous galvanizing line in Fontana, California, with a projected annual capacity of 400,000 tons. This $370 million investment aims to enhance CSI's total galvanizing capacity to 1.2 million tons annually, catering to construction markets in the western U.S. The project is expected to take 30 months post-regulatory approvals, following Nucor's acquisition of a 51% stake in CSI earlier this year.
Nucor Corporation (NYSE: NUE) announced plans to build two new state-of-the-art tower production plants as part of its Nucor Towers & Structures business unit expansion. These facilities will enhance its capabilities to support the growing demand for utility infrastructure driven by ageing electric grid replacements and renewable energy projects. Locations are being evaluated in the Midwest and Southeast, with operations expected to include advanced hot-dip galvanizing. The expansion aligns with Nucor's strategy to capitalize on market opportunities resulting from over $300 billion allocated for clean energy in the Inflation Reduction Act.
Nucor Corporation (NYSE: NUE) provided its fourth quarter 2022 earnings guidance, projecting earnings between $4.25 and $4.35 per diluted share. This is a significant decline from $6.50 per diluted share in Q3 2022 and $7.97 in Q4 2021. The guidance includes a $58 million benefit from state tax credits. The steel mills segment expects lower earnings due to reduced selling prices and volume, while the steel products segment anticipates declining earnings from lower volumes. Nucor has repurchased approximately 3.1 million shares in Q4, returning $3.3 billion to shareholders year-to-date.
Nucor Corporation (NYSE: NUE) announced a quarterly cash dividend increase to $0.51 per share, payable on February 10, 2023, to stockholders of record on December 30, 2022. This marks Nucor's 199th consecutive quarterly dividend and highlights the company's consistent dividend growth for 50 years since it began paying dividends in 1973. Nucor is recognized as North America's largest recycler and manufactures a variety of steel products across the U.S., Canada, and Mexico.
Nucor Corporation (NYSE: NUE) announced the promotion of Noah Hanners to Executive Vice President, effective January 1, 2023. Hanners has been with Nucor since 2011, holding various leadership roles including Vice President and General Manager of The David J. Joseph Company. His extensive experience includes positions at Nucor Steel South Carolina and Nucor Tubular Products. Nucor's Chair, Leon Topalian, expressed confidence in Hanners' capabilities, emphasizing his contributions to the executive management team.
Nucor Corporation (NYSE: NUE) commends the Biden Administration's commitment to the domestic steel industry, opposing a WTO panel decision asserting that Section 232 steel import measures violate U.S. commitments. These measures are vital for national security and bolster the American steel supply chain, which has faced challenges from global overcapacity and unfair trade practices. CEO Leon Topalian emphasizes the need for reform in the WTO dispute settlement system, citing it as overreaching and detrimental to U.S. sovereignty.