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.
The board of directors of Nucor Corporation (NYSE: NUE) declared a quarterly cash dividend of $0.50 per share, payable on November 10, 2022. This dividend is for stockholders of record as of September 30, 2022 and marks Nucor's 198th consecutive quarterly cash dividend. Nucor is a leading manufacturer of steel products with operations across the U.S., Canada, and Mexico, producing a variety of steel products and serving as North America's largest recycler.
Nucor Corporation (NYSE: NUE) has appointed Leon J. Topalian as Chair of the Board of Directors, in addition to his role as President and CEO, effective September 15, 2022. Christopher J. Kearney has been designated as Lead Director. Topalian has served as CEO since 2020 and brings extensive experience from various leadership roles within Nucor since 1996. Kearney, a Board member since 2008, founded Eagle Marsh Holdings and has held senior roles at multiple companies. This transition reflects a planned leadership change aimed at continuing Nucor's success.
Nucor Corporation (NYSE: NUE) announced guidance for Q3 2022, projecting earnings between $6.30 and $6.40 per diluted share. This reflects a decrease compared to $9.67 per share in Q2 2022 and $7.28 in Q3 2021. The steel mills segment is expected to see significantly lower earnings due to reduced shipping volumes and metal margin contraction, while the steel products segment remains strong. Nucor's share repurchase activity totaled 5.3 million shares at an average price of $122.24 this quarter, with over $2.7 billion returned to stockholders year-to-date.
Nucor Corporation (NYSE: NUE) plans to invest $200 million over five years for modernization projects at its Nucor Steel Berkeley facility in Huger, South Carolina. This includes constructing a new air separation unit (ASU) to supply industrial gases for steelmaking operations. UIG LLC, a Nucor subsidiary, will manage the ASU. Additionally, Nucor received grants from the State of South Carolina and entered a fee-in-lieu of tax agreement, enhancing its operational efficiency. Nucor Steel Berkeley produces up to 3.5 million tons of steel annually and employs around 1,000 workers.
Nucor Corporation (NYSE: NUE) announced the election of Michael W. Lamach as a director, effective September 1, 2022. Mr. Lamach brings extensive leadership experience from his roles at Trane Technologies and Ingersoll-Rand, including serving as Chairman and CEO. His expertise in corporate governance, mergers and acquisitions, and operational management is expected to benefit Nucor's strategic direction. The announcement reflects Nucor's commitment to enhancing its board with skilled individuals to navigate future challenges and opportunities in the steel manufacturing industry.
Nucor Corporation (NYSE: NUE) plans to invest $100 million in a new melt shop at its bar mill in Kingman, Arizona, which will boost annual production capacity by 600,000 tons and create approximately 140 new jobs with an average salary of $85,000. The construction is expected to take two years, pending necessary approvals. This project aims to enhance Nucor's market leadership in steel bar production and meet rising demand in the rapidly growing Western U.S. region.
Nucor Corporation (NYSE: NUE) reported record quarterly net earnings of $2.56 billion, or $9.67 per diluted share, for Q2 2022, surpassing Q1 2022 earnings of $2.10 billion. Year-to-date earnings reached $4.66 billion, compared to $2.45 billion in the first half of 2021. Total net sales increased by 12% from Q1 2022 to $11.79 billion, and by 34% year-over-year. Steel mills and products segments showed profitable growth, with steel mill shipments up 11% from Q1. Nucor also repurchased 5.1 million shares in Q2, continuing its commitment to return capital to shareholders.
Nucor invites stakeholders to its second-quarter earnings conference call on July 21, 2022, at 2 p.m. Eastern Time. Hosted by CEO Leon Topalian, the call will review Nucor's performance for the quarter ended July 2, 2022, and include a question-and-answer session. Participants can access the call via the Nucor website or provided link. An archived version will also be available on the website for those unable to attend live.
Nucor invites stakeholders to participate in its second-quarter 2022 earnings conference call scheduled for July 21, 2022, at 2 p.m. Eastern Time. During the call, hosted by President and CEO Leon Topalian, the company will review its financial results for the quarter ending July 2, 2022, followed by a Q&A session. The conference call will be accessible online via Nucor's website or a provided link. An archived version will also be available for those unable to attend live, ensuring shareholders and analysts can review the information at their convenience.
Nucor Corporation has completed its acquisition of C.H.I. Overhead Doors from KKR for $3.0 billion. C.H.I. is a prominent manufacturer of overhead doors for residential and commercial markets in the U.S. and Canada. The acquisition aims to leverage C.H.I.’s growth potential and align with Nucor’s operational capabilities. C.H.I. operates two manufacturing plants in Illinois and Indiana, employing approximately 800 people. Nucor’s CEO expressed enthusiasm for integrating C.H.I. into their operations to enhance business collaboration and supply chain continuity.