Nucor CEO Leon Topalian informed CNBC Friday he is anticipating the great times to continue rolling the remainder of the year after the steelmaker reported record incomes last quarter.
“Nucor expects next quarter to be strong, but quite frankly, with all the indicators we look at, we anticipate 2021 staying strong throughout the year,” he stated in an interview with Jim Cramer on “Mad Money.”
The Charlotte, North Carolina-based business revealed Thursday that it made a profit of $942.4 million, or $3.10 per share, in the very first 3 months of 2021. The business tape-recorded $7 billion in profits, up 25% from a year ago and up 15% when compared to the very same quarter that preceded the Covid-19 pandemic.
Strong need and increasing costs were a benefit for Nucor’s steel mills section, the business stated. Steel production represented almost two-thirds of the business’s profits.
The results cap off an almost $4 billion financial investment method covering 9 jobs over several years by Nucor, Topalian stated.
A big part of that financial investment approached the building of a plate mill in Brandenburg, Kentucky. The factory, where Nucor prepares to produce steel plate for the wind farm end market, is slated to come online late next year.
“That investment is incredibly strategic, not only positioned where it is in the geography, but as we think about what’s happening in the renewables market in offshore wind,” Topalian stated.
“That mill will be a unique differentiated value supplier to our customers today and well into the future and so we’re focused on the long term, we’re going to continue to invest and we’re going to continue to grow.”
Shares of Nucor increased 2.29% to close at $77.83.
