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Nucor CEO Leon Topalian instructed CNBC Friday he’s anticipating the great instances to proceed rolling the remainder of the yr after the steelmaker reported file earnings final quarter.
“Nucor expects subsequent quarter to be robust, however fairly frankly, with all the symptoms we take a look at, we anticipate 2021 staying robust all year long,” he mentioned in an interview with Jim Cramer on “Mad Cash.”
The Charlotte, North Carolina-based firm introduced Thursday that it turned a revenue of $942.4 million, or $3.10 per share, within the first three months of 2021. The corporate recorded $7 billion in income, up 25% from a yr in the past and up 15% compared with the identical quarter that preceded the Covid-19 pandemic.
Robust demand and rising costs had been a boon for Nucor’s metal mills section, the corporate mentioned. Metal manufacturing accounted for practically two-thirds of the corporate’s income.
The outcomes cap off an almost $4 billion funding technique spanning 9 initiatives over a number of years by Nucor, Topalian mentioned.
A big a part of that funding went towards the development of a plate mill in Brandenburg, Kentucky. The manufacturing unit, the place Nucor plans to provide metal plate for the wind farm finish market, is slated to return on-line late subsequent yr.
“That funding is extremely strategic, not solely positioned the place it’s within the geography, however as we take into consideration what’s taking place within the renewables market in offshore wind,” Topalian mentioned.
“That mill shall be a singular differentiated worth provider to our prospects in the present day and effectively into the longer term and so we’re centered on the long run, we’ll proceed to take a position and we’ll proceed to develop.”
Shares of Nucor rose 2.29% to shut at $77.83.
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