Nucor $NUE stock formed a downtrend channel breakout pattern on January 6, 2023. A MACD buy signal also has triggered in the stock. The stock is in a technical strong uptrend.
Dark Pool Trade In $NUE Stock
A $30 million dark pool trade occurred on December 16, 2022. We think the dark pool trade was a buy order because $NUE stock rose following the trade hitting the tape.
Make sure to review this lesson on dark pool trading so that you understand the chart above.
Nucor reinstated with a Buy at BofA
Nucor’s coverage was resumed by BofA analyst Lawson Winder on January 4, 2022, with a Buy rating and a $172 price target. The analyst resumed coverage of the US steel industry, arguing that a quick end to destocking could support a slight increase in the price of important hot rolled coil steel. Winder warns investors in a research note that recession risks pose potential challenges and that not all of the risks have been factored into the share price. The analyst advises investors to exercise caution.
New Nucor Steel Brandenburg Plate Mill Rolls First Plate
Nucor announced on January 3, 2023, that on Friday, December 30, 2022, the company’s brand-new, cutting-edge steel plate mill in Brandenburg, Kentucky, rolled its first steel plate. The first quarter of 2023 will be devoted to Nucor Steel Brandenburg finishing up the mill’s commissioning before shipping the first tons to clients.
“Congratulations to our more than 400 teammates for achieving this important milestone and executing one of the safest mill start-ups in Nucor history, while also delivering the project on time and on budget,” said Leon Topalian, Chair, President, and Chief Executive Officer of Nucor Corporation. “We are looking forward to supplying not only the highest quality steel but also the most sustainable plate products in the world for our nation’s military, infrastructure, heavy equipment, offshore wind, and other markets.”
The heavy gauge plate needed for the monopile foundations of offshore wind towers can only be produced at scale by a select few mills worldwide and by Nucor Steel Brandenburg, the only mill in the United States. As a result, it will play a crucial role in the supply chain for the ongoing construction of the offshore wind infrastructure in our country. The Inflation Reduction Act, which was recently passed and included $300 billion for climate change and clean energy programs, will help the Biden Administration achieve its goal of installing 30 gigawatts of offshore wind power by 2030. A potential 7.5 million ton increase in steel demand could result from this.
A $1.7 billion capital investment in specialized capabilities, the Nucor Steel Brandenburg plate mill has the capacity to produce 1.2 million tons annually. The new mill, which will be able to produce 97 percent of the plate products used domestically, is situated in the center of the region that consumes the most steel plates in the nation. It is also the first steel mill in the world to attempt certification under the Leadership in Energy and Environmental Design V4 (LEED) rating system, which is stricter than earlier LEED rating systems and offers a framework for sustainability achievement that is acknowledged throughout the world.
“We would like to thank the Governor’s Office, officials with the Kentucky Cabinet for Economic Development, and local officials in Brandenburg and Meade County for their incredible support of this project from start to finish,” said Johnny Jacobs, Vice President and General Manager of Nucor Steel Brandenburg. “We are proud to bring high-quality manufacturing jobs to the Commonwealth of Kentucky and look forward to being part of the Brandenburg community for many decades.”