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Nucor Corp NUE

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Morningstar’s Analysis

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Economic Moat




Having Reviewed Q2 Guidance From Nucor and Steel Dynamics, Our Steel Outlook Is Largely Unchanged

Andrew Lane Strategist

Analyst Note

| Andrew Lane |

Having updated our valuation models to reflect second-quarter guidance from both Nucor and Steel Dynamics, our fair value estimate for each company is unchanged. We assign a $41 per share fair value to Nucor and $28 to Steel Dynamics. Both stocks continue to trade closely in line with these valuations. Both low-cost players, these two operators are among the highest quality companies in the global steel industry. However, we'd liken them to the "best houses in a bad neighborhood," when it comes to the broader steel industry. Accordingly, we continue to ascribe a no-moat rating to each company.

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Company Profile

Business Description

The largest steelmaker in the United States by production volume, Nucor uses electric arc furnaces to produce a wide variety of steel products that service all major end markets. Nucor is involved in every phase of the steelmaking value chain, from collecting and processing scrap to manufacturing value-added fabricated steel products.

1915 Rexford Road
Charlotte, NC, 28211
T +1 704 366-7000
Sector Basic Materials
Industry Steel
Most Recent Earnings Mar 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 26,800