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Nucor (NUE) and Mercedes-Benz Partner for Eco-Friendly Steel
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Nucor Corporation (NUE - Free Report) recently signed an agreement with Mercedes-Benz, for the supply of Econiq-RE for the Mercedes-Benz models manufactured at its Tuscaloosa, AL plant.
Since its establishment in 2022, Econiq has been at the forefront of the global steel industry, particularly in certifying low-embodied carbon materials. The introduction of Econiq-RE marks a significant evolution within Econiq, certifying Nucor steel or steel products manufactured using 100% renewable energy. This innovation promises to substantially reduce greenhouse gas emissions, cutting them to less than half of what is produced through conventional extractive blast furnace-based steel production (covering Scopes 1, 2 & 3 emissions).
Nucor expressed gratitude for the opportunity to collaborate with Mercedes-Benz as a strategic supplier of lower-embodied carbon steel. This partnership holds the promise of significantly reducing carbon emissions across the entire supply chain. The Econiq brand is instrumental in helping steel end-users achieve their growth and sustainability objectives. Nucor takes pride in contributing to Mercedes-Benz's journey towards establishing a net carbon-neutral new car fleet, thereby aligning with its sustainability objectives.
In 2023, Nucor announced ambitious Net-Zero science-based greenhouse gas (GHG) targets for 2050. The company has been consistently using nearly 80% recycled scrap through its circular production process, making it the largest recycler in the Western Hemisphere. Nucor's commitment to investing in breakthrough technologies aimed at lowering emissions throughout the supply chain underscores its dedication to reshaping the industry. By focusing on making steel production more sustainable, Nucor is empowering partners to achieve their carbon reduction targets.
Shares of Nucor have moved up 33.1% in a year compared with the industry’s 19% rise.
Image Source: Zacks Investment Research
In the fourth quarter of 2023, Nucor announced earnings of $3.16 per share, down from $4.89 in the year-ago quarter but surpassing the Zacks Consensus Estimate of $2.83. Despite a decline in net sales by approximately 11.7% year over year to nearly $7.7 billion, the company saw an increase in total sales tons to outside customers for steel mills, rising 8% year over year to 5,513,000 tons. This indicates resilience amid challenging market conditions.
The consensus estimate for CRS’ current fiscal year earnings is pegged at $4 per share, indicating a year-over-year surge of 250.9%. CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 12.2%. The company’s shares have increased 71.2% in the past year.
Ecolab has a projected earnings growth rate of 22.65% for the current year. The Zacks Consensus Estimate for ECL’s current-year earnings has been revised upward by 5.4% in the past 60 days. ECL topped the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.7%. The company’s shares have rallied 47% in the past year.
The consensus estimate for HWKN’s current fiscal year earnings is pegged at $3.61 per share, indicating a 26% year-over-year rise. HWKN beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 30.6%. The company’s shares have surged 86.9% in the past year.
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Nucor (NUE) and Mercedes-Benz Partner for Eco-Friendly Steel
Nucor Corporation (NUE - Free Report) recently signed an agreement with Mercedes-Benz, for the supply of Econiq-RE for the Mercedes-Benz models manufactured at its Tuscaloosa, AL plant.
Since its establishment in 2022, Econiq has been at the forefront of the global steel industry, particularly in certifying low-embodied carbon materials. The introduction of Econiq-RE marks a significant evolution within Econiq, certifying Nucor steel or steel products manufactured using 100% renewable energy. This innovation promises to substantially reduce greenhouse gas emissions, cutting them to less than half of what is produced through conventional extractive blast furnace-based steel production (covering Scopes 1, 2 & 3 emissions).
Nucor expressed gratitude for the opportunity to collaborate with Mercedes-Benz as a strategic supplier of lower-embodied carbon steel. This partnership holds the promise of significantly reducing carbon emissions across the entire supply chain. The Econiq brand is instrumental in helping steel end-users achieve their growth and sustainability objectives. Nucor takes pride in contributing to Mercedes-Benz's journey towards establishing a net carbon-neutral new car fleet, thereby aligning with its sustainability objectives.
In 2023, Nucor announced ambitious Net-Zero science-based greenhouse gas (GHG) targets for 2050. The company has been consistently using nearly 80% recycled scrap through its circular production process, making it the largest recycler in the Western Hemisphere. Nucor's commitment to investing in breakthrough technologies aimed at lowering emissions throughout the supply chain underscores its dedication to reshaping the industry. By focusing on making steel production more sustainable, Nucor is empowering partners to achieve their carbon reduction targets.
Shares of Nucor have moved up 33.1% in a year compared with the industry’s 19% rise.
Image Source: Zacks Investment Research
In the fourth quarter of 2023, Nucor announced earnings of $3.16 per share, down from $4.89 in the year-ago quarter but surpassing the Zacks Consensus Estimate of $2.83. Despite a decline in net sales by approximately 11.7% year over year to nearly $7.7 billion, the company saw an increase in total sales tons to outside customers for steel mills, rising 8% year over year to 5,513,000 tons. This indicates resilience amid challenging market conditions.
Nucor Corporation Price and Consensus
Nucor Corporation price-consensus-chart | Nucor Corporation Quote
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) , sporting a Zacks Rank #1 (Strong Buy), and Ecolab Inc. (ECL - Free Report) and Hawkins, Inc. (HWKN - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for CRS’ current fiscal year earnings is pegged at $4 per share, indicating a year-over-year surge of 250.9%. CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 12.2%. The company’s shares have increased 71.2% in the past year.
Ecolab has a projected earnings growth rate of 22.65% for the current year. The Zacks Consensus Estimate for ECL’s current-year earnings has been revised upward by 5.4% in the past 60 days. ECL topped the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.7%. The company’s shares have rallied 47% in the past year.
The consensus estimate for HWKN’s current fiscal year earnings is pegged at $3.61 per share, indicating a 26% year-over-year rise. HWKN beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 30.6%. The company’s shares have surged 86.9% in the past year.