Nucor Steel
Nucor Corporation
Introduction
Nucor Corporation, the largest U.S. mini-mill, continues to gain market share in flat roll and strip steel. Recent successful acquisitions, application of new technologies, prospects for global growth, a strong balance sheet, as well as improved economic outlook for the steel industry, make Nucor an attractive buy with a near term stock price target of $65 to $70.
Background
Nucor Corporation (NUE) was founded by auto manufacturer Ranson E. Olds. Through a series of permutations the company evolved into a nuclear instrument and electronics business, known as the Nuclear Corporation of America before regaining its focus in the steel business and changing its name to Nucor Corporation in 1972. In every year and every quarter since its incorporation, Nucor has been profitable. Steel production has grown from 5.7 million tons in 1993 to 19.7 million tons by 2004. Sales have grown from $2.3 billion in 1993 to $11.4 billion by 2004.......
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