Nucor NUE Stock Retakes 200 Day Moving Average

  • Post category:Stock Trading
  • Reading time:3 mins read
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Nucor NUE stock has retaken its 200 day moving average on June 12, 2023. NUE stock has a technical weak downtrend rating.

NUE stock chart on June 12 2023 with a confirmed break above its 200 day moving average
NUE stock chart on June 12, 2023, with a confirmed break above its 200 day moving average

Nucor Corporation is a steel production company that manufactures and distributes steel products in North America. The company produces a wide range of steel products, including sheet steel, plate steel, bar steel, structural steel, and other specialty steel products. It operates various facilities, including scrap metal recycling centers, steel mills, and downstream processing facilities. Nucor Corporation also engages in trading and brokerage activities related to steel products. The company is known for its innovative and environmentally friendly steel production methods, including the use of electric arc furnaces and recycled scrap metal.

The company’s free cash flow generation and capital returns, with a free cash flow yield of almost 20 percent, support its strong growth and profitability. Investors have an opportunity to invest in NUE and its top-earning peers because they are undervalued in comparison to the rest of the market.

Nucor enters into carbon capture and storage agreement with Exxon Mobil

On June 1, 2023, Nucor (NUE) announced that it signed an agreement with ExxonMobil (XOM) to capture, transport, and store carbon from the company’s direct reduced iron plant in Convent, Louisiana. ExxonMobil will capture up to 800K metric tons per year of CO2 from the DRI plant and store the CO2 at an ExxonMobil-owned facility in Louisiana. The project is expected to start-up in 2026 and supports Louisiana’s objective of reaching net-zero CO2 emissions by 2050.

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