The current year will remain favorable for the American steel producer Nucor Corp., which recorded a record net profit in the first quarter, the CEO of the company Leon Topalyan predicts.
“Nucor expects the next quarter to be successful, but honestly, given all the metrics we see, we expect 2021 to be like this,” he told CNBC.
Nucor posted net income of $ 942.4 million, or $ 3.1 per share, in January-March, up from $ 20.3 million, or $ 0.07 per share, a year earlier. The company’s revenue grew by 25% to $ 7.02 billion. At the same time, revenue was 15% higher compared to the same period before the outbreak of coronavirus infection
which accounted for about two-thirds of the company’s revenues.
According to CEO Nucor, the company’s financial performance is the result of an investment strategy of $ 4 billion. A significant part of this funds was invested in a rolling mill project in Brandenburg, Kentucky. The enterprise, which will produce steel for wind power plants, should be commissioned at the end of 2022.
The company “thinks about what is happening in the renewable energy market in the field of offshore wind energy,” Topalyan said.
Nucor shares have jumped 46.3% since the beginning of the year
Based on materials from CNBC