Nucor (NUE)
Market Price (6/4/2026): $263.21 | Market Cap: $60.2 BilSector: Materials | Industry: Steel
Nucor (NUE)
Market Price (6/4/2026): $263.21Market Cap: $60.2 BilSector: MaterialsIndustry: Steel
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 3.8 Bil Stock buyback supportStock Buyback 3Y Total is 4.2 Bil Low stock price volatilityVol 12M is 30% Megatrend and thematic driversMegatrends include Circular Economy & Recycling, Sustainable Resource Management, and Sustainable & Green Buildings. Themes include Advanced Recycling Technologies, Show more. | Trading close to highsDist 52W High is -0.3%, Dist 3Y High is -0.3% | Stock price has recently run up significantly12M Rtn12 month market price return is 114% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.2% Key risksNUE key risks include significant exposure to [1] volatile scrap steel prices and [2] rising electricity costs, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 3.8 Bil |
| Stock buyback supportStock Buyback 3Y Total is 4.2 Bil |
| Low stock price volatilityVol 12M is 30% |
| Megatrend and thematic driversMegatrends include Circular Economy & Recycling, Sustainable Resource Management, and Sustainable & Green Buildings. Themes include Advanced Recycling Technologies, Show more. |
| Trading close to highsDist 52W High is -0.3%, Dist 3Y High is -0.3% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 114% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.2% |
| Key risksNUE key risks include significant exposure to [1] volatile scrap steel prices and [2] rising electricity costs, Show more. |
Qualitative Assessment
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Updated on 6/1/2026
Nucor (NUE) stock has gained about 45% since 2/28/2026 because of the following key factors:
1. Exceptional Q1 2026 Earnings Beat: Nucor reported significantly stronger-than-expected financial results for the first quarter of 2026. The company posted consolidated net earnings of $743 million, or $3.23 per diluted share, substantially exceeding analyst forecasts of $2.82 per diluted share and Nucor's own guidance of $2.70 to $2.80 per diluted share. Net sales reached $9.50 billion, also surpassing expectations of $8.88 billion. This performance marked a significant sequential increase from $1.64 per diluted share in Q4 2025 and a substantial year-over-year improvement from $0.67 per diluted share in Q1 2025. The steel mills segment achieved a new quarterly shipment record, driving much of this improved profitability.
2. Strategic Shareholder Returns and Positive Analyst Sentiment: Nucor's Board of Directors approved a new $4.00 billion share repurchase program on February 20, 2026, signaling robust management confidence and a commitment to enhancing shareholder value. This corporate action was reinforced by numerous positive revisions from financial analysts. Several firms raised their price targets and maintained or upgraded their ratings to "Buy" or "Strong Buy" following the strong Q1 results. For instance, Barclays set a price target of $270 by May 22, 2026, and Zacks Research upgraded Nucor to a "Strong Buy" while increasing its earnings forecasts for fiscal years 2026, 2027, and 2028.
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Nucor (NUE) stock has gained about 45% since 2/28/2026 because of the following key factors:
1. Exceptional Q1 2026 Earnings Beat: Nucor reported significantly stronger-than-expected financial results for the first quarter of 2026. The company posted consolidated net earnings of $743 million, or $3.23 per diluted share, substantially exceeding analyst forecasts of $2.82 per diluted share and Nucor's own guidance of $2.70 to $2.80 per diluted share. Net sales reached $9.50 billion, also surpassing expectations of $8.88 billion. This performance marked a significant sequential increase from $1.64 per diluted share in Q4 2025 and a substantial year-over-year improvement from $0.67 per diluted share in Q1 2025. The steel mills segment achieved a new quarterly shipment record, driving much of this improved profitability.
2. Strategic Shareholder Returns and Positive Analyst Sentiment: Nucor's Board of Directors approved a new $4.00 billion share repurchase program on February 20, 2026, signaling robust management confidence and a commitment to enhancing shareholder value. This corporate action was reinforced by numerous positive revisions from financial analysts. Several firms raised their price targets and maintained or upgraded their ratings to "Buy" or "Strong Buy" following the strong Q1 results. For instance, Barclays set a price target of $270 by May 22, 2026, and Zacks Research upgraded Nucor to a "Strong Buy" while increasing its earnings forecasts for fiscal years 2026, 2027, and 2028.
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Stock Movement Drivers
Fundamental Drivers
The 46.2% change in NUE stock from 2/28/2026 to 6/3/2026 was primarily driven by a 27.1% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 6032026 | Change |
|---|---|---|---|
| Stock Price ($) | 176.28 | 257.73 | 46.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 32,494 | 34,160 | 5.1% |
| Net Income Margin (%) | 5.4% | 6.8% | 27.1% |
| P/E Multiple | 23.2 | 25.3 | 9.1% |
| Shares Outstanding (Mil) | 230 | 229 | 0.3% |
| Cumulative Contribution | 46.2% |
Market Drivers
2/28/2026 to 6/3/2026| Return | Correlation | |
|---|---|---|
| NUE | 46.2% | |
| Market (SPY) | 10.2% | 54.4% |
| Sector (XLB) | -2.9% | 68.8% |
Fundamental Drivers
The 62.7% change in NUE stock from 11/30/2025 to 6/3/2026 was primarily driven by a 31.6% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 6032026 | Change |
|---|---|---|---|
| Stock Price ($) | 158.41 | 257.73 | 62.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 31,883 | 34,160 | 7.1% |
| Net Income Margin (%) | 5.2% | 6.8% | 31.6% |
| P/E Multiple | 22.0 | 25.3 | 14.9% |
| Shares Outstanding (Mil) | 230 | 229 | 0.4% |
| Cumulative Contribution | 62.7% |
Market Drivers
11/30/2025 to 6/3/2026| Return | Correlation | |
|---|---|---|
| NUE | 62.7% | |
| Market (SPY) | 11.0% | 42.8% |
| Sector (XLB) | 16.6% | 60.0% |
Fundamental Drivers
The 139.2% change in NUE stock from 5/31/2025 to 6/3/2026 was primarily driven by a 55.2% change in the company's Net Income Margin (%).| (LTM values as of) | 5312025 | 6032026 | Change |
|---|---|---|---|
| Stock Price ($) | 107.73 | 257.73 | 139.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 30,427 | 34,160 | 12.3% |
| Net Income Margin (%) | 4.4% | 6.8% | 55.2% |
| P/E Multiple | 18.7 | 25.3 | 35.1% |
| Shares Outstanding (Mil) | 233 | 229 | 1.7% |
| Cumulative Contribution | 139.2% |
Market Drivers
5/31/2025 to 6/3/2026| Return | Correlation | |
|---|---|---|
| NUE | 139.2% | |
| Market (SPY) | 29.4% | 40.8% |
| Sector (XLB) | 21.9% | 56.3% |
Fundamental Drivers
The 103.9% change in NUE stock from 5/31/2023 to 6/3/2026 was primarily driven by a 424.8% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6032026 | Change |
|---|---|---|---|
| Stock Price ($) | 126.41 | 257.73 | 103.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 39,729 | 34,160 | -14.0% |
| Net Income Margin (%) | 16.7% | 6.8% | -59.2% |
| P/E Multiple | 4.8 | 25.3 | 424.8% |
| Shares Outstanding (Mil) | 254 | 229 | 10.8% |
| Cumulative Contribution | 103.9% |
Market Drivers
5/31/2023 to 6/3/2026| Return | Correlation | |
|---|---|---|
| NUE | 103.9% | |
| Market (SPY) | 87.6% | 50.7% |
| Sector (XLB) | 46.0% | 62.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NUE Return | 118% | 17% | 34% | -32% | 42% | 59% | 427% |
| Peers Return | 60% | 24% | 24% | -14% | 36% | 30% | 269% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% |
Monthly Win Rates [3] | |||||||
| NUE Win Rate | 67% | 50% | 50% | 50% | 67% | 67% | |
| Peers Win Rate | 60% | 48% | 52% | 54% | 69% | 71% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 67% | |
Max Drawdowns [4] | |||||||
| NUE Max Drawdown | -24% | -41% | -26% | -42% | -27% | -18% | |
| Peers Max Drawdown | -22% | -36% | -30% | -33% | -30% | -29% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: STLD, CLF, CMC, RS. See NUE Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/3/2026 (YTD)
How Low Can It Go
| Event | NUE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.8% | -18.8% |
| % Gain to Breakeven | 34.8% | 23.1% |
| Time to Breakeven | 89 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -18.5% | -9.5% |
| % Gain to Breakeven | 22.7% | 10.5% |
| Time to Breakeven | 53 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.9% | -6.7% |
| % Gain to Breakeven | 26.5% | 7.1% |
| Time to Breakeven | 41 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -17.7% | -24.5% |
| % Gain to Breakeven | 21.5% | 32.4% |
| Time to Breakeven | 13 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -40.4% | -33.7% |
| % Gain to Breakeven | 67.9% | 50.9% |
| Time to Breakeven | 163 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.5% | -19.2% |
| % Gain to Breakeven | 30.7% | 23.8% |
| Time to Breakeven | 792 days | 105 days |
In The Past
Nucor's stock fell -25.8% during the 2025 US Tariff Shock. Such a loss loss requires a 34.8% gain to breakeven.
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| Event | NUE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.8% | -18.8% |
| % Gain to Breakeven | 34.8% | 23.1% |
| Time to Breakeven | 89 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.9% | -6.7% |
| % Gain to Breakeven | 26.5% | 7.1% |
| Time to Breakeven | 41 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -40.4% | -33.7% |
| % Gain to Breakeven | 67.9% | 50.9% |
| Time to Breakeven | 163 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.5% | -19.2% |
| % Gain to Breakeven | 30.7% | 23.8% |
| Time to Breakeven | 792 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.3% | -12.2% |
| % Gain to Breakeven | 32.2% | 13.9% |
| Time to Breakeven | 52 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -32.6% | -6.8% |
| % Gain to Breakeven | 48.3% | 7.3% |
| Time to Breakeven | 135 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -24.0% | -17.9% |
| % Gain to Breakeven | 31.5% | 21.8% |
| Time to Breakeven | 63 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -57.2% | -53.4% |
| % Gain to Breakeven | 133.7% | 114.4% |
| Time to Breakeven | 1763 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -27.4% | -8.6% |
| % Gain to Breakeven | 37.7% | 9.5% |
| Time to Breakeven | 71 days | 47 days |
In The Past
Nucor's stock fell -25.8% during the 2025 US Tariff Shock. Such a loss loss requires a 34.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Nucor (NUE)
Nucor Corporation manufactures and sells steel and steel products. The company's Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling products; and bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products. It also engages in the steel trading and rebar distribution businesses. This segment sells its products to steel service centers, fabricators, and manufacturers in the United States, Canada, and Mexico. Its Steel Products segment offers hollow structural section steel tubing products, electrical conduits, steel racking, steel joists and joist girders, steel decks, fabricated concrete reinforcing steel products, cold finished steel products, steel fasteners, metal building systems, insulated metal panels, steel grating and expanded metal products, and wire and wire mesh products primarily for use in nonresidential construction applications. This segment also engages in the piling distribution business. The company's Raw Materials segment produces direct reduced iron (DRI); brokers ferrous and nonferrous metals, pig iron, hot briquetted iron, and DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap metal, as well as engages in the natural gas drilling operations. This segment sells its ferrous scrap to electric arc furnace steel mills and foundries for manufacturing process; and nonferrous scrap metal to aluminum can producers, secondary aluminum smelters, steel mills and other processors, and consumers of various nonferrous metals. It serves agriculture, automotive, construction, energy and transmission, oil and gas, heavy equipment, infrastructure, and transportation industries through its in-house sales force; and internal distribution and trading companies. Nucor Corporation was incorporated in 1958 and is based in Charlotte, North Carolina.
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- Sheet Steel Products: Nucor manufactures hot-rolled, cold-rolled, and galvanized sheet steel.
- Plate Steel Products: The company produces various plate steel products for industrial and construction applications.
- Structural Steel Products: This category includes wide-flange beams, H-piling, sheet piling, steel joists, and joist girders for construction.
- Bar Steel Products: Nucor provides concrete reinforcing bars, merchant bars, and special bar quality steel products.
- Hollow Structural Section (HSS) Steel Tubing: Manufactures steel tubing products primarily for structural use.
- Fabricated Steel Components: Produces electrical conduits, steel racking, steel decks, and fabricated concrete reinforcing steel products.
- Metal Building Systems: Offers pre-engineered steel buildings, insulated metal panels, and related construction components.
- Specialty Steel Products: Includes cold finished steel products, steel fasteners, steel grating, expanded metal, and wire/wire mesh products.
- Direct Reduced Iron (DRI): Nucor produces direct reduced iron, a high-quality raw material for steelmaking.
- Ferro-alloys: The company supplies ferro-alloys used as additives in steel production.
- Natural Gas: Engages in natural gas drilling operations.
- Steel Trading and Distribution: A service involving the buying, selling, and distribution of various steel products like rebar and piling.
- Scrap Metal Processing: Processes ferrous and nonferrous scrap metal for recycling purposes.
- Raw Materials Brokerage: Brokers ferrous and nonferrous metals, pig iron, hot briquetted iron, and DRI.
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Nucor (NUE) primarily sells its steel and steel products to other companies across a wide range of industries, rather than directly to individual consumers. The provided company description does not list specific major customer company names or their public symbols. Instead, it outlines the types of businesses and sectors that serve as Nucor's customers.
Nucor's major customer categories include:
- Steel Service Centers, Fabricators, and Manufacturers: These entities purchase various steel products such as hot-rolled, cold-rolled, galvanized sheet steel, plate steel, wide-flange beams, and bar steel products for further processing, distribution, or incorporation into their own manufactured goods.
- Companies in the Nonresidential Construction Sector: This category encompasses businesses involved in commercial, industrial, and infrastructure development. They utilize Nucor's extensive range of products, including hollow structural sections, steel racking, steel joists and girders, steel decks, fabricated concrete reinforcing steel products, and metal building systems. This broadly covers the construction and infrastructure industries mentioned.
- Industrial and Commercial End-Users: A diverse group of companies across various sectors such as agriculture, automotive, energy and transmission, oil and gas, heavy equipment, and transportation, which use Nucor's steel as a vital input for their products or operations.
- Other Steel Mills, Foundries, and Metal Processors: For its Raw Materials segment, Nucor supplies direct reduced iron (DRI) and brokers ferrous and nonferrous metals. It also processes and sells ferrous and nonferrous scrap metal to electric arc furnace steel mills, foundries, aluminum can producers, secondary aluminum smelters, and other metal processors.
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Leon J. Topalian, Chair and Chief Executive Officer
Mr. Topalian was named Chair and Chief Executive Officer in 2026, after serving as Chair, President and Chief Executive Officer in 2022, as President and Chief Executive Officer beginning in 2020 and as President and Chief Operating Officer in 2019. He began his career with Nucor in 1996 as a Project Engineer at Nucor Steel Berkeley. Mr. Topalian has held various leadership positions throughout his Nucor career in Australia, at Nucor Steel South Carolina, Nucor Steel Kankakee, and Nucor-Yamato Steel Company. He served as Executive Vice President of Beam and Plate Products from 2017 to 2019.
Jack Sullivan, Chief Financial Officer, Treasurer & Executive Vice President
Mr. Sullivan was named Chief Financial Officer, Treasurer and Executive Vice President in 2026, effective March 1, 2026. He joined Nucor in 2022 as General Manager of Investor Relations and was elected Vice President and Treasurer in 2025. Prior to Nucor, Mr. Sullivan spent 13 years at Duke Energy, where he held leadership roles across investor relations, treasury and corporate development, including serving as Vice President of Investor Relations and Assistant Treasurer. Earlier in his career, he spent nine years with Bank of America's Global Corporate and Investment Banking group.
Stephen D. Laxton, President and Chief Operating Officer
Mr. Laxton was named President and Chief Operating Officer in 2025, effective January 1, 2026. He began his career at Nucor in 2003 as General Manager of Business Development. He subsequently served as Vice President of Business Development and Strategic Planning from 2014 to 2022. Most recently, he served as Chief Financial Officer and Executive Vice President from 2022-2025.
Noah Hanners, Executive Vice President
Mr. Hanners was named Executive Vice President in 2023, effective January 1, 2023. He began his career with Nucor in 2011 as a Melt Shop Engineer at Nucor Steel South Carolina. He then served as Shift Supervisor and Melt Shop Manager of Nucor Steel Auburn, Inc. Mr. Hanners later held positions as General Manager of Nucor Tubular Products and General Manager of Nucor Steel Kankakee, Inc., and was elected a Vice President of Nucor in 2019. He also served as Vice President and General Manager of The David J. Joseph Company. Prior to joining Nucor, Mr. Hanners served as a major in the United States Army.
Randy J. Spicer, Executive Vice President
Mr. Spicer was promoted to Executive Vice President effective May 12, 2024. He joined Nucor 20 years ago as an accounting supervisor at Nucor Steel Indiana. In 2006, he joined the startup team at Nucor Steel Memphis Inc. as controller and subsequently served as controller and hot mill manager at Nucor Steel Gallatin LLC. He was promoted to general manager of Nucor Tubular Products North in 2020 and elected to vice president in 2022.
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The key risks to Nucor's business are primarily external, stemming from the cyclical nature of the steel industry and its end markets, intense global competition and import pressures, and the volatility of raw material prices.
- Market Cyclicality and Economic Downturns: Nucor's performance is tightly coupled with the health of the overall economy, as demand for its steel and steel products is driven by cyclical industries such as nonresidential construction, automotive, heavy equipment, agriculture, infrastructure, and oil and gas. Economic downturns or softer demand in these key sectors can directly lead to reduced demand for steel, impacting Nucor's prices, sales volumes, and profitability. The steel industry is known for its inherent cyclicality, with periods of booming profits often followed by sharp downturns.
- Global Overcapacity and Import Competition: The global steel industry often faces issues of overcapacity, with cheap, subsidized imports from other countries (e.g., China) posing a significant threat. This oversupply can flood the market, intensifying competition and exerting downward pressure on domestic steel prices, which adversely affects Nucor's profitability and market share. Ongoing risks related to tariffs and trade policies, such as potential changes or renegotiations, could further pressure U.S. hot-rolled coil prices.
- Raw Material Price Volatility: Nucor's operations are exposed to significant fluctuations in the cost of key raw materials, including ferrous scrap, iron ore, and natural gas. While Nucor utilizes vertical integration, such as its own direct reduced iron (DRI) production and extensive scrap recycling operations, to mitigate some of this risk, raw material price volatility remains a persistent challenge for the steel industry and can impact Nucor's production costs and profit margins.
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The clear emerging threat for Nucor (NUE) is the increasing adoption of **Mass Timber, specifically Cross-Laminated Timber (CLT)**, in nonresidential and multi-story construction. As an engineered wood product, CLT offers a sustainable, lightweight, and efficient alternative to steel and concrete for structural applications, including beams, columns, and floor systems. Given Nucor's significant business segment in Steel Products, which provides steel joists, joist girders, steel decks, and fabricated concrete reinforcing steel primarily for nonresidential construction, a widespread shift towards mass timber construction could directly reduce demand for Nucor's traditional steel products in a key market segment.
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Nucor Corporation (NUE) operates in various segments of the steel and raw materials markets. The addressable markets for its main products and services are sized as follows:Overall Steel Market
- The global steel market size was valued at approximately USD 1.63 trillion in 2025 and is projected to increase to about USD 2.60 trillion by 2034. Another estimate places the global iron and steel market size at USD 1.71 trillion in 2024, expected to reach USD 2.70 trillion by 2034.
- The United States steel market size was approximately USD 141.9 billion in 2025, with projections to reach USD 164.9 billion by 2034.
Sheet Steel Products
- The U.S. sheet metal market is projected to grow from USD 68.5 billion in 2025 to approximately USD 92.1 billion by 2035.
Plate Steel Products
- Within the U.S. flat steel market, which was approximately USD 70.3 billion in 2022, plates constituted the largest segment, accounting for an 88.71% share. This implies a U.S. plate steel market size of roughly USD 62.3 billion in 2022.
Structural Steel Products (including beams, joists, decks, fabricated concrete reinforcing steel, metal building systems)
- The U.S. fabricated structural metal manufacturing market size was USD 65.5 billion in 2025.
- The North America structural steel fabrication market was USD 47.32 billion in 2025, with the U.S. accounting for approximately 85.67% of the volume in 2024, indicating a U.S. share of around USD 40.5 billion in 2025. This market is projected to rise to USD 55.77 billion by 2030.
Bar Steel Products (Rebar and Merchant Bars)
- The U.S. steel merchant and rebar market was valued at USD 10.35 billion in 2024 and is projected to reach USD 15.52 billion by 2032.
- Specifically, the U.S. steel rebar market size was estimated at USD 7.31 billion in 2025 and is predicted to increase to approximately USD 11.59 billion by 2034.
Direct Reduced Iron (DRI)
- The global direct reduced iron (DRI) market size was valued at USD 62.33 billion in 2025 and is projected to grow to USD 137.62 billion by 2034.
- The direct reduced iron market in the U.S. is estimated to reach USD 7.68 billion by 2032.
Ferrous Scrap Metal
- The global scrap metal recycling market, which includes ferrous and non-ferrous metals, was valued at USD 436.11 billion in 2025 and is predicted to increase to approximately USD 722.65 billion by 2035. The ferrous metals segment generated approximately 75% of the market share in 2025. This implies a global ferrous scrap metal market of approximately USD 327 billion in 2025.
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Nucor Corporation (NUE) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives and favorable market trends:
- Strategic Capital Investments and Capacity Expansion: Nucor has a substantial multi-year capital expenditure plan, with investments around $3 billion planned for both 2025 and 2026, aimed at building new mills and coating lines. Key projects include new automated utility towers manufacturing facilities and a galvanizing line and coating complex in Indiana, both planned for 2025. An automotive galvanizing line at its Berkeley County sheet mill is slated for 2026. Furthermore, a new sheet mill in West Virginia is expected to be completed in 2026 and commissioned in 2027, and rebar micro-mills in North Carolina and melt shop expansion in Arizona are projected for commercial shipments in Q3 2025. These investments are designed to boost production capabilities, diversify revenue streams, and strengthen Nucor's competitive standing.
- Increased Demand from Key End Markets and "Mega-trends": Nucor anticipates a rise in demand for its steel products, driven by significant "mega-trends" such as infrastructure spending (e.g., bridge and highway projects), advanced manufacturing (including semiconductor chip plants and EV factories), renewable energy initiatives, and the construction of data centers. Management forecasts an increase in domestic steel demand for the second half of 2025. These federal programs are expected to add 5 million to 8 million tons of incremental annual steel demand over the next several years.
- Expansion into Higher-Margin, Value-Added, and Steel-Adjacent Businesses: The company is strategically expanding into less volatile, higher-margin steel-adjacent businesses and product lines, such as data center infrastructure, high-performance doors, and other customized, value-added solutions. This strategy aims to diversify revenue streams, reduce reliance on the cyclical nature of the traditional steel market, and provide greater insight into end-user demand.
- Operational Efficiency and Technological Advancements, including Sustainable Steel Production: Nucor is focusing on driving growth through technological advancements, including advanced manufacturing processes, investment in sustainable steel production methods, and the development of zero-carbon iron technology. These initiatives are expected to enhance product capabilities, reinforce Nucor's position as an industry innovator, and contribute to expanding EBITDA margins, projected to reach 18-20% by 2027.
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Share Repurchases
- In February 2026, Nucor's Board of Directors approved a new $4.00 billion share repurchase program. This authorization replaced a previous $4.00 billion program, under which approximately $3.69 billion of common stock had been repurchased since May 2023.
- Nucor repurchased approximately 20.6 million shares in the full year 2022 at an average price of $134.29 per share.
- From 2020-2024, Nucor repurchased 78 million shares of its common stock.
Share Issuance
- Nucor has primarily focused on share repurchases, leading to a reduction in outstanding shares. The company's shares outstanding for the quarter ending December 31, 2025, were 0.230 billion, representing a 3.73% decline year-over-year.
- Nucor's shares outstanding decreased by 3.19% in 2025 from 2024, 4.75% in 2024 from 2023, and 4.86% in 2023 from 2022.
Outbound Investments
- Nucor acquired Rytec Corporation, a manufacturer of high-performance industrial and commercial door systems, for $565 million in June 2024.
- In May 2022, Nucor acquired C.H.I. Overhead Door, a manufacturer of overhead doors, for $3 billion.
- Nucor acquired a majority ownership of California Steel Industries, a flat-rolled steel producer, for $400 million in December 2021.
Capital Expenditures
- Nucor's capital expenditures have shown a consistent increase over the last few years, from $1.622 billion in 2021 to $3.422 billion in 2025.
- Projected capital expenditures for 2026 are approximately $2.5 billion, with 62% allocated to improved product capabilities and expansion, and 19% for maintenance.
- Major investments include the construction of a $3.1 billion sheet mill in Apple Grove, West Virginia, expected to be completed by the end of 2026, and a new utility structures manufacturing facility in Crawfordsville, Indiana, investing $115 million by the end of 2027.
Latest Trefis Analyses
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|---|---|---|
| DASHBOARDS | ||
| 9-Day Rally Sends Nucor Stock Up 17% | 06/03/2026 | |
| 8-Day Rally Sends Nucor Stock Up 11% | 06/02/2026 | |
| Steel Dynamics or Nucor: Which Stock Has More Upside? | 05/06/2026 | |
| Nucor Earnings Notes | 12/25/2025 | |
| Nucor Stock Surges 12%, With A 8-Day Winning Spree | 12/04/2025 | |
| Nucor Stock Surges 5.7%, With A 7-Day Winning Spree | 12/03/2025 | |
| Nucor Stock 7-Day Winning Spree: Stock Climbs 5.7% | 12/03/2025 | |
| Nucor Stock On Fire: Up 5.7% With 7-Day Winning Streak | 12/03/2025 | |
| Nucor Stock On Fire: Up 9.4% With 7-Day Winning Streak | 12/03/2025 | |
| ARTICLES | ||
| Nucor vs Steel Dynamics: Which Is the Stronger Buy Today? | 06/04/2026 | |
| Nucor Stock 9-Day Winning Spree: Stock Climbs 17% | 06/03/2026 | |
| Nucor Stock Surges 13%, With A 8-Day Winning Spree | 06/02/2026 | |
| S&P 500 Stocks Trading At 52-Week High | 06/02/2026 | |
| Is Steel Dynamics a Better Buy Than Nucor? | 05/06/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 257.73 |
| Mkt Cap | 20.3 |
| Rev LTM | 18,903 |
| Op Inc LTM | 1,097 |
| FCF LTM | 532 |
| FCF 3Y Avg | 614 |
| CFO LTM | 918 |
| CFO 3Y Avg | 1,233 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.5% |
| Rev Chg 3Y Avg | -3.6% |
| Rev Chg Q | 19.1% |
| QoQ Delta Rev Chg LTM | 4.6% |
| Op Inc Chg LTM | 18.2% |
| Op Inc Chg 3Y Avg | -19.8% |
| Op Mgn LTM | 8.4% |
| Op Mgn 3Y Avg | 8.7% |
| QoQ Delta Op Mgn LTM | 1.1% |
| CFO/Rev LTM | 7.6% |
| CFO/Rev 3Y Avg | 11.3% |
| FCF/Rev LTM | 3.5% |
| FCF/Rev 3Y Avg | 5.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 20.3 |
| P/S | 1.4 |
| P/Op Inc | 17.1 |
| P/EBIT | 16.6 |
| P/E | 25.3 |
| P/CFO | 15.7 |
| Total Yield | 4.8% |
| Dividend Yield | 0.9% |
| FCF Yield 3Y Avg | 3.9% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 14.2% |
| 3M Rtn | 30.7% |
| 6M Rtn | 37.8% |
| 12M Rtn | 87.2% |
| 3Y Rtn | 74.7% |
| 1M Excs Rtn | 9.3% |
| 3M Excs Rtn | 20.7% |
| 6M Excs Rtn | 29.5% |
| 12M Excs Rtn | 69.8% |
| 3Y Excs Rtn | -2.1% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $257.73 | |
| Market Cap ($ Bil) | 59.0 | |
| First Trading Date | 09/01/1983 | |
| Distance from 52W High | -0.3% | |
| 50 Days | 200 Days | |
| DMA Price | $210.83 | $170.34 |
| DMA Trend | up | up |
| Distance from DMA | 22.2% | 51.3% |
| 3M | 1YR | |
| Volatility | 28.8% | 29.6% |
| Downside Capture | 33.42 | 49.73 |
| Upside Capture | 165.16 | 125.89 |
| Correlation (SPY) | 53.9% | 41.2% |
NUE Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.93 | 1.17 | 1.10 | 0.97 | 1.05 | 1.11 |
| Up Beta | 0.34 | 1.38 | 0.98 | 1.21 | 1.13 | 1.20 |
| Down Beta | 2.84 | 1.58 | 1.55 | 1.20 | 1.25 | 1.24 |
| Up Capture | 226% | 197% | 168% | 134% | 158% | 98% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 14 | 30 | 41 | 74 | 142 | 398 |
| Down Capture | 234% | -74% | 44% | 29% | 57% | 99% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 6 | 11 | 22 | 50 | 108 | 353 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NUE | |
|---|---|---|---|---|
| NUE | 118.0% | 29.5% | 2.64 | - |
| Sector ETF (XLB) | 21.3% | 16.8% | 0.98 | 56.3% |
| Equity (SPY) | 28.8% | 11.8% | 1.84 | 40.8% |
| Gold (GLD) | 31.0% | 26.6% | 0.99 | 7.4% |
| Commodities (DBC) | 42.3% | 18.8% | 1.74 | -7.5% |
| Real Estate (VNQ) | 9.8% | 13.2% | 0.45 | 25.3% |
| Bitcoin (BTCUSD) | -37.1% | 42.1% | -0.98 | 18.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NUE | |
|---|---|---|---|---|
| NUE | 22.5% | 37.9% | 0.63 | - |
| Sector ETF (XLB) | 5.7% | 18.9% | 0.20 | 66.6% |
| Equity (SPY) | 14.0% | 17.0% | 0.65 | 51.9% |
| Gold (GLD) | 18.1% | 18.0% | 0.82 | 7.8% |
| Commodities (DBC) | 10.5% | 19.4% | 0.43 | 18.8% |
| Real Estate (VNQ) | 2.8% | 18.8% | 0.05 | 36.9% |
| Bitcoin (BTCUSD) | 11.2% | 54.7% | 0.40 | 19.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NUE | |
|---|---|---|---|---|
| NUE | 21.2% | 35.9% | 0.64 | - |
| Sector ETF (XLB) | 10.4% | 20.6% | 0.45 | 70.7% |
| Equity (SPY) | 15.6% | 17.9% | 0.75 | 58.8% |
| Gold (GLD) | 13.3% | 16.0% | 0.69 | 3.8% |
| Commodities (DBC) | 7.6% | 17.9% | 0.34 | 26.5% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 43.8% |
| Bitcoin (BTCUSD) | 65.0% | 66.9% | 1.04 | 16.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/27/2026 | 4.7% | 5.0% | 14.6% |
| 1/26/2026 | -2.3% | 1.9% | -1.2% |
| 10/27/2025 | 5.4% | 2.7% | 8.4% |
| 7/28/2025 | -2.7% | -5.2% | 2.4% |
| 4/28/2025 | 1.9% | 3.4% | -6.6% |
| 1/27/2025 | 3.8% | 7.6% | 10.3% |
| 10/21/2024 | -6.5% | -5.4% | -7.3% |
| 7/22/2024 | -1.1% | -2.4% | -12.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 17 | 16 |
| # Negative | 11 | 7 | 8 |
| Median Positive | 3.8% | 3.4% | 11.3% |
| Median Negative | -2.9% | -5.2% | -8.8% |
| Max Positive | 9.1% | 16.0% | 36.1% |
| Max Negative | -8.9% | -8.6% | -31.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 4/27/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Consolidated Earnings | |||||||
Insider Activity
Updated 6/4/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hollatz, John J | Executive Vice President | Direct | Sell | 6042026 | 258.46 | 10,560 | 2,729,291 | 25,293,858 | Form |
| 2 | Query, Kenneth Rex | Executive Vice President | Direct | Sell | 6032026 | 251.37 | 13,529 | 3,400,843 | 16,260,148 | Form |
| 3 | Spicer, Randy J | Executive Vice President | Direct | Sell | 5202026 | 225.00 | 2,500 | 562,500 | 4,614,807 | Form |
| 4 | Topalian, Leon J | Chair and CEO | Direct | Sell | 5192026 | 227.69 | 52,000 | 11,839,779 | 32,750,984 | Form |
| 5 | Behr, Allen C | Executive Vice President | Direct | Sell | 5062026 | 226.08 | 10,096 | 2,282,467 | 14,213,683 | Form |
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Steel Resources |
| SteelOrbis |
| World Steel Association |
| Kallanish Commodities |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 6/3/2026