Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Nippon Steel Corporation / Equity Bottom-Up

<ul>
<li>FY26–30 plan lifts scale ambitions, but ¥6 tn capex and U.S. Steel integration keep free cash flow negative through FY26.</li>
<li>U.S. Steel synergies shift to FY27–28 amid labor, regulatory, and spread pressures, delaying ROCE recovery toward the 9–10% target.</li>
<li>Look cheap on NTM multiples, but elevated leverage, FX sensitivity, and sub-8% forward ROCE limit near-term re-rating.</li>
</ul>


FY26–30 plan lifts scale ambitions, but ¥6 tn capex and U.S. Steel integration keep free cash flow negative through FY26.
U.S. Steel synergies shift to FY27–28 amid labor, regulatory, and spread pressures, delaying ROCE recovery toward the 9–10% target.
Look cheap on NTM multiples, but elevated leverage, FX sensitivity, and sub-8% forward ROCE limit near-term re-rating.


Nippon Steel: Ambition Raised, Returns Deferred

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

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<ul><li>Nucor Corporation delivered a solid performance in the second quarter of 2025, indicating resilience and adaptation in a volatile economic environment.</li><li>The company reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of approximately $1.3 billion and an earnings per share of $2.60, reflecting robust performance compared to the previous quarter.</li><li>This improvement is primarily attributed to higher average selling prices in the steel mills segment and steady pricing coupled with increased volumes in the Steel Products segment.</li></ul>

Nucor Corporation delivered a solid performance in the second quarter of 2025, indicating resilience and adaptation in a volatile economic environment.The company reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of approximately $1.3 billion and an earnings per share of $2.60, reflecting robust performance compared to the previous quarter.This improvement is primarily attributed to higher average selling prices in the steel mills segment and steady pricing coupled with increased volumes in the Steel Products segment.

Nucor Corporation: Advancements in Brandenburg & Capacity Utilization to Drive Margins & Revenue Growth In The Near Future!

<ul><li>Nucor Corporation's first quarter of 2025 results provide a comprehensive overview of both strategic advancements and challenges faced by the company.</li><li>The details from the conference call highlight several aspects of Nucor's operational and financial status, guiding an investment thesis that balances growth prospects with market challenges.</li><li>Financially, the company reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of $696 million and adjusted earnings per share (EPS) of $0.77.</li></ul>

Nucor Corporation's first quarter of 2025 results provide a comprehensive overview of both strategic advancements and challenges faced by the company.The details from the conference call highlight several aspects of Nucor's operational and financial status, guiding an investment thesis that balances growth prospects with market challenges.Financially, the company reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of $696 million and adjusted earnings per share (EPS) of $0.77.

Nucor Corporation’s $3 Billion Bet: Is Brandenburg the Game-Changer Steel Was Waiting For?

<ul><li>Nucor Corporation has delivered a mixed performance during its fourth quarter of 2024, marked by safety achievements and strategic growth investments alongside certain operational challenges.</li><li>On the positive front, Nucor reported its safest year in history with a notable reduction in workplace injuries, reflecting a strong corporate culture focusing on safety.</li><li>Financially, the company achieved earnings of $1.22 per share for the fourth quarter, contributing to an annual total of $8.46 per share.</li></ul>

Nucor Corporation has delivered a mixed performance during its fourth quarter of 2024, marked by safety achievements and strategic growth investments alongside certain operational challenges.On the positive front, Nucor reported its safest year in history with a notable reduction in workplace injuries, reflecting a strong corporate culture focusing on safety.Financially, the company achieved earnings of $1.22 per share for the fourth quarter, contributing to an annual total of $8.46 per share.

Nucor Corporation: Resilience & Growth in Plate Production Powering Our Optimism! - Major Drivers

<ul><li>Nucor Corporation recently disclosed its financial outcomes for the second quarter of 2024, detailing both successes and challenges.</li><li>The company reported earnings of $2.68 per diluted share for the quarter, totaling $6.14 for the half-year.</li><li>This marked a decline compared to the first quarter earnings primarily due to a decrease in average selling prices within its steel mills and steel products segments.</li></ul>

Nucor Corporation recently disclosed its financial outcomes for the second quarter of 2024, detailing both successes and challenges.The company reported earnings of $2.68 per diluted share for the quarter, totaling $6.14 for the half-year.This marked a decline compared to the first quarter earnings primarily due to a decrease in average selling prices within its steel mills and steel products segments.

Nucor Corporation: What Is The Impact Of The Current Political & Trade Environments? - Major Drivers

United States

Nucor Corporation manufactures steel products.  The Company's products include carbon and alloy steel, steel joists, steel deck, cold finished steel, steel grinding balls, steel bearing products, and metal buildingsystems. Nucor also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap.

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Nucor Corp (NUE US)

Nippon Steel: Ambition Raised, Returns Deferred

Despite ambitious scale ambitions and U.S. Steel integration, negative free cash flow is projected through FY26 due to capex etc., delaying ROCE...

Rahul Jain

Nucor Corporation: Advancements in Brandenburg & Capacity Utilization to Drive Margins & Revenue Growth In The Near Future!

Nucor Corporation delivered a solid performance in the second quarter of 2025, indicating resilience and adaptation in a volatile economic...

Baptista Research

Nucor Corporation’s $3 Billion Bet: Is Brandenburg the Game-Changer Steel Was Waiting For?

Nucor Corporation's first quarter of 2025 results provide a comprehensive overview of both strategic advancements and challenges faced by the...

Baptista Research

Nucor Corporation: Resilience & Growth in Plate Production Powering Our Optimism! - Major Drivers

Nucor Corporation has delivered a mixed performance during its fourth quarter of 2024, marked by safety achievements and strategic growth...

Baptista Research

Nucor Corporation: What Is The Impact Of The Current Political & Trade Environments? - Major Drivers

Nucor Corporation recently disclosed its financial outcomes for the second quarter of 2024, detailing both successes and challenges. The company...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nippon Steel: Ambition Raised, Returns Deferred

​Despite ambitious scale ambitions and U.S. Steel integration, negative free cash flow is projected through FY26 due to capex etc., delaying ROCE...

Rahul Jain

Nucor Corporation: Advancements in Brandenburg & Capacity Utilization to Drive Margins & Revenue Growth In The Near Future!

Nucor Corporation delivered a solid performance in the second quarter of 2025, indicating resilience and adaptation in a volatile economic...

Baptista Research

Nucor Corporation’s $3 Billion Bet: Is Brandenburg the Game-Changer Steel Was Waiting For?

Nucor Corporation's first quarter of 2025 results provide a comprehensive overview of both strategic advancements and challenges faced by the...

Baptista Research

Nucor Corporation: Resilience & Growth in Plate Production Powering Our Optimism! - Major Drivers

Nucor Corporation has delivered a mixed performance during its fourth quarter of 2024, marked by safety achievements and strategic growth...

Baptista Research

Nucor Corporation: What Is The Impact Of The Current Political & Trade Environments? - Major Drivers

Nucor Corporation recently disclosed its financial outcomes for the second quarter of 2024, detailing both successes and challenges. The company...

Baptista Research

Despite ambitious scale ambitions and U.S. Steel integration, negative free cash flow is projected through FY26 due to capex etc., delaying ROCE...