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NUCOR CORPORATION

(NUE)
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Nucor : Steelmaker drops Louisiana expansion, cites market forces

08/13/2021 | 01:59pm EDT

NEW ORLEANS (AP) — A major steelmaker is calling off a $120 million expansion of its factory in the Louisiana community of Convent.

The Times-Picayune'The New Orleans Advocate reports that Nucor Corp. informed state environmental officials of the decision when it asked for a revised air emissions permit in July.

The company said the decision to shelve the plans was made before it submitted a plan to regulators to reduce emissions and before environmental groups objected to the company's proposed settlement of charges related to releases of caustic sulfuric acid mist and highly flammable hydrogen sulfide since it began operating in 2013.

“This was solely a business decision based purely on market conditions,” company spokesperson Katherine Miller said Thursday.

The environmental groups Inclusive Louisiana and the Louisiana Bucket Brigade, represented by the Tulane Environmental Law Clinic, challenged the illegal emissions settlement the company has proposed to the Department of Environmental Quality as too small. But both groups also praised Nucor’s decision not to proceed with the expansions.

“The withdrawal of the proposed pelletizer project is both a positive step for the local residents and an opportunity for both DEQ and the community to take a hard look at Nucor’s ongoing permit violations,” said Lauren Godshall, an attorney with the Tulane law clinic.

For copyright information, check with the distributor of this item, The Times-Picayune/The New Orleans Advocate., source Associated Press News

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Analyst Recommendations on NUCOR CORPORATION
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Financials (USD)
Sales 2021 36 736 M - -
Net income 2021 6 804 M - -
Net Debt 2021 2 425 M - -
P/E ratio 2021 4,81x
Yield 2021 1,46%
Capitalization 31 847 M 31 847 M -
EV / Sales 2021 0,93x
EV / Sales 2022 0,88x
Nbr of Employees 26 400
Free-Float 76,9%
Chart NUCOR CORPORATION
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Nucor Corporation Technical Analysis Chart | NUE | US6703461052 | MarketScreener
Technical analysis trends NUCOR CORPORATION
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TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 111,43 $
Average target price 115,80 $
Spread / Average Target 3,92%
EPS Revisions
Managers and Directors
Leon J. Topalian President, Chief Executive Officer & Director
James D. Frias Chief Financial Officer, Treasurer & Executive VP
John H. Walker Non-Executive Chairman
David A. Sumoski Chief Operating Officer
Christopher J. Kearney Independent Director
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