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Nucor (NUE) Intends to Construct TrueCore Facility in Utah

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Nucor Corporation (NUE - Free Report) recently announced that it plans to build a third TrueCore facility at Brigham City, UT. The new manufacturing facility spread across 120,000 square feet, will produce insulated wall and roof panels using state-of-the-art continuous line equipment. It is expected to initiate operations in 2022 with employment of 50 teammates.

The TrueCore facility will help Nucor significantly expand its capacity and grow its line of value-added products. It will also enhance the company’s ability to serve its metal building customers.

TrueCore was acquired by Nucor in 2019 and is a part of Nucor Buildings Group division. TrueCore manufactures insulated metal panels that are utilised as exterior walls, interior partitions, ceilings and roofs in the cold storage, commercial as well as industrial construction markets. The company’s panels and facilities are designed to deliver consistent quality and reduced lead times.

Shares of Nucor have surged 46.9% in the past year compared with 55.9% rise of the industry.

Nucor, last month, stated that it expects to record net earnings of more than $900 million in the first quarter of 2021 on the back of favorable economic trends and strong demand in its markets.

The company sees higher profitability in its sheet, plate, bar and structural mills in the first quarter on a sequential comparison basis. It also expects higher realized prices and shipment volumes in its steel mills.

The performance of the company's downstream steel products segment is forecast to be in line with the fourth quarter of 2020. The company also expects profitability in its raw materials segment to significantly improve sequentially on higher raw materials selling prices.

Nucor Corporation Price and Consensus

 

Nucor Corporation Price and Consensus

Nucor Corporation price-consensus-chart | Nucor Corporation Quote

 

Zacks Rank & Other Key Picks

Nucor currently carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks in the basic materials space are Fortescue Metals Group Limited (FSUGY - Free Report) , BHP Group (BHP - Free Report) and Impala Platinum Holdings Limited (IMPUY - Free Report) .

Fortescue has a projected earnings growth rate of 95.4% for the current fiscal. The company’s shares have surged around 210% in a year. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank  stocks here.

BHP has an expected earnings growth rate of 69.2% for the current fiscal. The company’s shares have gained around 79.3% in the past year. It currently sports a Zacks Rank #1.

Impala has an expected earnings growth rate of 195.9% for the current fiscal. The company’s shares have rallied around 104.2% in the past year. It currently carries a Zacks Rank #2.

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