Daily Brief Energy/Materials: MMP Industries, Alcoa Inc, Nucor Corp, Vedanta Resources and more

• MMP Industries (MMP IN)  is mainly engaged in the business of manufacturing, selling and distribution and trading of aluminum products such as powder, pyro and flake, paste, foils etc.
• The company has been on the main board of NSE since F20 but however, its financials are plagued with several forensic concerns.
• We highlight takeaways mainly related to negative cash flows and their misrepresentation in reporting standards. Additionally, the company is also engaged in various secretarial audit woes.

• Alcoa made progress in 2022 with strategic capacity restarts and efforts to lessen the effects of high energy prices.
• Global events impacted the price of energy and raw commodities.
• The company successfully finished the safe restart of its Portland Aluminum Joint Venture smelter in the Australian state of Victoria.

• Nucor had a mediocre quarter as its earnings dropped compared to the previous two quarters due to reduced shipping volumes and metal margin contraction, particularly at the company’s plate and sheet mills.
• The startup and construction of the company’s Nucor Stell Brandenburg mill continue progressing incredibly great with respect to schedule, budget, and safety.
• Lastly, at the end of this quarter, the company announced the approval of the construction of the galvanizing line at its Nucor Steel Berkeley mill.

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