Nucor (NUE) Wraps Up California Steel Buyout, Boosts Portfolio

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Nucor Corporation NUE recently completed the acquisition of a majority ownership position in California Steel Industries, Inc. The company has bought a 50% equity interest from a subsidiary of Vale S.A. for a cash purchase amount of $400 million, adjusted for net debt and working capital at closing as well as a 1% equity ownership stake from JFE Steel Corporation.

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– Zacks

The buyout is Nucor’s second joint venture with JFE, following an automotive steel joint venture, which the companies have been operating in Mexico since 2020.

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California Steel is a flat-rolled steel converter with the potential to manufacture more than two million tons of finished steel and steel products each year. It has five product lines that consist of hot-rolled, pickled and oiled, cold-rolled, galvanized and ERW pipe and serves end-use segments covering customers in the construction, service center and energy industries.

Nucor noted that this acquisition would boost its presence in the Western region and enhance its ability to produce a range of value-added sheet products for its modern economy.

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Shares of Nucor have surged 107.2% in the past year compared with a 31.6% rise of the industry.

Nucor Corporation price-consensus-chart, Nucor Corporation Quote, Click to get this free report, AdvanSix (ASIX): Free Stock Analysis Report, Zacks Investment Research
Image Source: Zacks Investment Research

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Nucor, in its last earnings call, said that demand remains strong for steel and steel products in its end-use markets and expects 2022 will be another year of strong profitability.

It envisions consolidated net earnings attributable to its shareholders in the first quarter of 2022 will be modestly lower from the record results in the fourth quarter of 2021.

The company expects earnings for the steel mill segment to decline in the first quarter due to the lower profitability of its sheet mills. It sees further margin expansion and profitability for the steel products segment in the first quarter on improved backlog pricing reflecting higher steel costs. Earnings in the raw materials segment are projected to improve modestly in the first quarter on a sequential comparison basis due to the improved profitability of the direct reduced iron facilities.

Nucor Corporation Price and Consensus

Nucor Corporation price-consensus-chart, Nucor Corporation Quote, Click to get this free report, AdvanSix (ASIX): Free Stock Analysis Report, Zacks Investment Research

Nucor Corporation price-consensus-chart | Nucor Corporation Quote

 

Zacks Rank & Other Key Picks

Nucor currently sports a Zacks Rank #1 (Strong Buy).

Some other top-ranked stocks in the basic materials space are Albemarle Corporation ALB, Nutrien Ltd. NTR and AdvanSix Inc. ASIX.

Albemarle, currently sporting a Zacks Rank #1, has an expected earnings growth rate of 51.5% for the current year. The Zacks Consensus Estimate for ALB’s earnings for the current year has been revised 5.6% upward in the past 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.

Albemarle beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 22.1%. ALB has rallied around 33.7% over a year.

Nutrien, sporting a Zacks Rank #1, has a projected earnings growth rate of 55.9% for the current year. The Zacks Consensus Estimate for NTR’s current-year earnings has been revised 13.2% upward in the past 60 days.

Nutrien beat the Zacks Consensus Estimate for earnings in three of the last four quarters, while missing once. It has a trailing four-quarter earnings surprise of roughly 73.5%, on average. NTR has rallied around 32.2% in a year.

AdvanSix has a projected earnings growth rate of 7.4% for the current year. The Zacks Consensus Estimate for ASIX’s current-year earnings has been revised 5.3% upward in the past 60 days.

AdvanSix beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 46.9%. ASIX has surged 64.4% over a year. The company sports a Zacks Rank #1.


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Nucor Corporation (NUE): Free Stock Analysis Report

 

Albemarle Corporation (ALB): Free Stock Analysis Report

 

AdvanSix (ASIX): Free Stock Analysis Report

 

Nutrien Ltd. (NTR): Free Stock Analysis Report

 

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