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Nucor (NUE) to Supply Sustainable Steel for Kentucky Project
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Nucor Corporation (NUE - Free Report) recently announced that it has entered into a Power Purchase Agreement (PPA) for 250 megawatts of renewable energy from Sebree Solar, LLC, a subsidiary of NextEra Energy Resources, LLC. This partnership aims to support a cutting-edge solar project in Henderson County, KY, known as Sebree Solar, with a potential capacity of up to 400 megawatts of American-produced energy. The project's initial phase, Sebree Solar I, is scheduled to commence construction in fall 2023.
The steel for Sebree Solar I will be supplied by Nucor Steel Gallatin in Ghent, KY. Moreover, this Kentucky-produced steel will play a pivotal role in yet another solar venture, Green River Solar, operated by a subsidiary of NextEra Energy Resources. This separate project is projected to generate up to 200 megawatts of electricity. The steel will be utilized in constructing the solar panel racking systems for both projects.
Highlighting the broader vision, Nucor underscored the dual impact of sustainable steel production in the ongoing energy transition and the company's commitment to reducing its climate footprint.
Anticipated to be operational in December 2025, Sebree Solar I promises substantial benefits to Henderson County. Over its three-decade operational span, the project is projected to contribute around $20 million in additional tax revenues, facilitating crucial investments in local infrastructure and public services.
Nucor's collaboration with NextEra Energy Resources is a manifestation of its holistic sustainability strategy, which also complements a prior wind-powered PPA. Collectively, these agreements reflect Nucor’s commitment to source 350 megawatts of carbon-free electricity, sufficient to power an estimated 100,000 U.S. households annually.
Shares of Nucor have gained 22.6% in a year compared with the industry’s 35.5% rise.
Image Source: Zacks Investment Research
For the third quarter of 2023, the company sees a sequential decrease in earnings. This projected decline is primarily due to reduced profitability from the steel mills segment, with the most significant impact at the sheet mills.
Additionally, the steel products segment is also expected to experience a moderation in earnings during the third quarter of 2023 on a sequential basis.
Moreover, the raw materials segment is projected to witness a decrease in earnings for the third quarter of 2023 in comparison to the second quarter. This can be attributed to margin compression at the company's DRI facilities and scrap processing operations.
Zacks Rank & Key Picks
Nucor currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Carpenter Technology Corporation (CRS - Free Report) and PPG Industries, Inc. (PPG - Free Report) , both sporting a Zacks Rank #1 (Strong Buy), and TimkenSteel Corporation carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The earnings estimate for CRS’s current year is pegged at $3.36, indicating year-over-year growth of 194%. CRS beat the Zacks Consensus Estimate in all the last four quarters, with the average earnings surprise being 10%. The company’s shares have rallied 74.3% in the past year.
The Zacks Consensus Estimate for PPG’s current-year earnings has been revised 3.5% upward in the past 60 days. PPG beat the Zacks Consensus Estimate in three of the last four quarters. It delivered a trailing four-quarter earnings surprise of 7.3% on average. The company’s shares have risen roughly 12.7% in the past year.
The consensus estimate for TimkenSteel's current-year earnings has been revised 2.3% upward over the past 60 days. TimkenSteel’s earnings beat the Zacks Consensus Estimate in three of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 18.8%, on average. TMST shares have risen around 26% in a year.
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Nucor (NUE) to Supply Sustainable Steel for Kentucky Project
Nucor Corporation (NUE - Free Report) recently announced that it has entered into a Power Purchase Agreement (PPA) for 250 megawatts of renewable energy from Sebree Solar, LLC, a subsidiary of NextEra Energy Resources, LLC. This partnership aims to support a cutting-edge solar project in Henderson County, KY, known as Sebree Solar, with a potential capacity of up to 400 megawatts of American-produced energy. The project's initial phase, Sebree Solar I, is scheduled to commence construction in fall 2023.
The steel for Sebree Solar I will be supplied by Nucor Steel Gallatin in Ghent, KY. Moreover, this Kentucky-produced steel will play a pivotal role in yet another solar venture, Green River Solar, operated by a subsidiary of NextEra Energy Resources. This separate project is projected to generate up to 200 megawatts of electricity. The steel will be utilized in constructing the solar panel racking systems for both projects.
Highlighting the broader vision, Nucor underscored the dual impact of sustainable steel production in the ongoing energy transition and the company's commitment to reducing its climate footprint.
Anticipated to be operational in December 2025, Sebree Solar I promises substantial benefits to Henderson County. Over its three-decade operational span, the project is projected to contribute around $20 million in additional tax revenues, facilitating crucial investments in local infrastructure and public services.
Nucor's collaboration with NextEra Energy Resources is a manifestation of its holistic sustainability strategy, which also complements a prior wind-powered PPA. Collectively, these agreements reflect Nucor’s commitment to source 350 megawatts of carbon-free electricity, sufficient to power an estimated 100,000 U.S. households annually.
Shares of Nucor have gained 22.6% in a year compared with the industry’s 35.5% rise.
Image Source: Zacks Investment Research
For the third quarter of 2023, the company sees a sequential decrease in earnings. This projected decline is primarily due to reduced profitability from the steel mills segment, with the most significant impact at the sheet mills.
Additionally, the steel products segment is also expected to experience a moderation in earnings during the third quarter of 2023 on a sequential basis.
Moreover, the raw materials segment is projected to witness a decrease in earnings for the third quarter of 2023 in comparison to the second quarter. This can be attributed to margin compression at the company's DRI facilities and scrap processing operations.
Zacks Rank & Key Picks
Nucor currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Carpenter Technology Corporation (CRS - Free Report) and PPG Industries, Inc. (PPG - Free Report) , both sporting a Zacks Rank #1 (Strong Buy), and TimkenSteel Corporation carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The earnings estimate for CRS’s current year is pegged at $3.36, indicating year-over-year growth of 194%. CRS beat the Zacks Consensus Estimate in all the last four quarters, with the average earnings surprise being 10%. The company’s shares have rallied 74.3% in the past year.
The Zacks Consensus Estimate for PPG’s current-year earnings has been revised 3.5% upward in the past 60 days. PPG beat the Zacks Consensus Estimate in three of the last four quarters. It delivered a trailing four-quarter earnings surprise of 7.3% on average. The company’s shares have risen roughly 12.7% in the past year.
The consensus estimate for TimkenSteel's current-year earnings has been revised 2.3% upward over the past 60 days. TimkenSteel’s earnings beat the Zacks Consensus Estimate in three of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 18.8%, on average. TMST shares have risen around 26% in a year.