Nucor Corp. (NUE.N): Firing on all cylinders

研报英文原文证据摘录

Nucor Corp. (NUE.N): Firing on all cylinders

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28 Jul 2026 14:01:43 ET │ 14 pages

Nucor Corp. (NUE.N)

Firing on all cylinders

CITI'S TAKE

Buy Nucor presented a bullish outlook for the US steel sector, seeing demand

remaining strong both near-term and mid-term (2026E shipments now Price (27 Jul 26 16:00) US$247.86

likely towards the top end of +5-10% guidance). Current areas of strength Target price US$300.00↑

– including energy, infra, data centers – are likely to have multi-year legs. from US$260.00

Current areas of softness – consumer exposed – are rate-sensitive but Expected share price return 21.0%

already weak so limited downside. Mgmt reiterated that the next leg of Expected dividend yield 0.8%

investment will likely be downstream M&A ("in and around mega trends").

Expected total return 21.8% We remain at Buy – NUE benefits greatly from S232 both on prices and

Market Cap US$56,448M shipments where recent mill investments are filling up faster than

expected (91% utilization). The key question for investors is duration with

risk of full multiples on peak earnings, but we continue to see this cycle

with legs (similar to NUE view) and minimills under-rated as world class Alexander Hacking, CFAAC

processors with mid-teens ROICS (see report: "ROIC Re-Rating"). +1-212-816-6232

alex.hacking@citi.com

Conf Call Highlights — 2026E capex still around $2.5bn. Brandenburg plate mill

shipped a record 230kt in the quarter – and likely to improve from there. Demand

good across the board with backlogs rising. Sheet strength should continue into

2027. NUE is seeing reshoring demand in autos and consumer durables. Service

center demand also improving given low inventory. WV guidance reiterated –

targeting around 50% by end-2027. Plate demand is softer than 2026 but still