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NUE produces steel from scrap and iron substitutes at over 30 facilities, and generates earnings from the spread. Scrap typically trades at a discount to the finished product and impacts the movement in steel prices. NUE is unfettered by restrictive unions and legacy labor liabilities, but during the up-cycle the employees are among the highest paid in the industry due to the incentive-based salary structure. The flexibility allows management to match its costs to the current business conditions and leaves the credit unencumbered by a burdensome pension program that affects peers such as US Steel and AK Steel. The company is increasingly pushing itself downstream, as it looks to diversify its product portfolio. Its latest acquisitions include specialty tubular product makers. (29 Nov 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.

NUE: Strong 3Q18, More Growth Capex

Worth Watching: 18 Oct 2018, 11:34 PM ET - NUE (Baa1/A-) reported 3Q18 revenue of $6.74 bn and adjusted EBITDA of $1.2 bn, up 30% and up 111% YoY, respectively. Sequentially, revenue increased by 4% and adjusted EBITDA increased by 11%. NUE reported net income of $677 mn or $2.13/diluted s ..

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Arconic: LBO Rumors Continue

Worth Watching: 09 Oct 2018, 3:37 PM ET - Arconic (Ba2/BBB-/BB+): LBO rumors continue to swirl. According to Reuters, Blackstone, Carlyle, Onex, and Canada Pension have made a joint bid to acquire ARNC. The report also noted that the PE consortium is competing with Apollo in the bidding p ..

FCX: Landmark Grasberg Deal Signing

Worth Watching: 30 Sep 2018, 10:35 PM ET - FCX (Ba2/BB) and Rio Tinto signed a binding agreement to sell their stakes in the Grasberg mine to PT Indonesia Asahan Aluminum (Inalum). The terms are roughly in-line with what was reported in July when the parties signed a nonbinding agreement ( ..

NUE: Strong 3Q18 Guidance Beats Estimates Again

Worth Watching: 14 Sep 2018, 3:17 PM ET - NUE (Baa1/A-) expects 3Q18 earnings to be in the range of $2.35 to $2.40/diluted share, above the consensus estimate of $2.18/share and a large improvement over 3Q17 which contained net earnings of $0.79 per diluted share. The strong results refle ..

NUE: $2 Bn Buyback and $650 mn Mill Expansion

Worth Watching: 10 Sep 2018, 4:19 PM ET - NUE (Baa1/A-): The steelmaker's BoD approved a $2.0 bn share repurchase program. In addition, the BoD also approved a $650 mn investment at its Ghent, Kentucky mill to expand the facility's production capability from 1.6 mn tonnes to ~3 mn tonnes. ..

NUE: 2Q18 Strong and Improving Results

Worth Watching: 19 Jul 2018, 9:44 PM ET - NUE (Baa1/A-) reported 2Q18 revenue of $6.46 bn and adjusted EBITDA of $1.1 bn, up 25% and up 54% YoY, respectively. Reported EBITDA for the quarter was slightly below consensus estimates of $1.13 bn. Sequentially, revenue increased by 16% and adj ..

Coal Producers: Exposure to Potential Retirements

Sector Analysis: 28 Jun 2018, 5:16 AM ET - As part of our continued coverage of coal producer exposure to plant retirements, we have analyzed coal plant data to determine which basins and coal producers have the greatest exposure to unplanned, but at risk, coal plant retirements.  

NUE: Strong 2Q18 Guidance Beats Estimates

Worth Watching: 14 Jun 2018, 5:44 PM ET - NUE (Baa1/A-) expects 2Q18 earnings to be in the range of $2.05 to $2.10/diluted share, well ahead of the consensus estimate of $1.83/share and a massive improvement over 1Q18 which contained net earnings of a mere $1.10 per diluted share. The s ..

NUE: New 10 & 30-Yr Benchmark Paper

Worth Watching: 23 Apr 2018, 8:07 PM ET - NUE (Baa1/A-) sold $1.0 bn in unsecured bonds in two tranches, comprised of $500 mn in 10-year and $500 mn in 30-year paper. NUE last tapped the debt capital markets in 2013. Not surprisingly, both tranches were well oversubscribed given the stron ..

NUE: 1Q18 Solid, Growth Capital Remains Focus

Worth Watching: 19 Apr 2018, 11:37 PM ET - NUE (Baa1/A-) reported 1Q18 revenue of $5.57 bn and adjusted EBITDA of $725 mn, up 16% and down 5% YoY, respectively. Reported EBITDA for the quarter of $734 mn beat consensus estimates of $717 mn. NUE reported strong results in 1Q18 and cited sig ..

Nucor: 1Q18 Guidance In-Line with Consensus

Worth Watching: 15 Mar 2018, 7:16 PM ET - Nucor (Baa1/A-) guided to 1Q18 EPS of $1.00-$1.05, roughly in-line with consensus of $1.05. Adjusted EPS is $1.07-$1.12 after excluding a $21.8 mn deferred tax asset write-off due to the change in the tax status of a subsidiary. The company expect ..

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 

Metals: U.S. Protectionism Comes to a Head

Sector Analysis: 19 Feb 2018, 11:06 PM ET - Our thoughts on the Commerce Department's proposed Section 232 tariffs/quotas on steel and aluminum imports and the implications on various industries. 

Nucor: Solid 4Q17 Results, Prioritizing Growth

Worth Watching: 04 Feb 2018, 8:47 PM ET - Nucor (Baa1/A-) reported 4Q17 revenue of $5.09 bn and adjusted EBITDA of $536 mn, up 29% and 16% YoY, respectively. Reported EBITDA for the quarter of $548 mn beat consensus estimates of $525 mn. In addition, 4Q17 EPS exceeded the guidance range f ..


Worth Watching: 29 Jan 2018, 6:04 PM ET - CREDITSIGHTS WEBCAST: The mega trend around vehicle electrification is set to meaningfully impact a number of sectors, changing the landscape in a disruptive fashion that will make for significant divergence between the winners and losers. Who wil ..

Metals: Electric Vehicle Revolution

Sector Analysis: 29 Jan 2018, 2:49 PM ET - We discuss the EV market and more specifically EV batteries, supply/demand profiles of the commodities that are found within an EV battery, and our coverage companies that could stand to benefit and lose from the EV revolution. 

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