Nucor Upbeat About U.S. Steel Market in 2023
Attachment: Nucor outlook 2023
January 27, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--Nucor Corporation (NYSE:NUE) (Charlotte, North Carolina) ended 2022 on a historic high note, as the steel producer reported the most profitable year in its history amid higher margins and volumes, which are only expected to improve going into 2023. Despite a year-over-year decline in shipments in the fourth quarter, the company expects to benefit from the return of some manufacturing work to North America and stronger U.S. investment in infrastructure projects.
Industrial Info is tracking $5.3 billion worth of active projects from Nucor. Executives estimate Nucor's 2023 capital expenditures will total $3 billion, about two-thirds of which will be allocated toward profitable growth projects. In the near term, the largest of these is a steel sheet mill in Apple Grove, West Virginia, which is expected to produce 3 million tons per year.
Other companies featured: Steel Technologies LLC and Mitsui & Company Limited
