Things have gone from bad to good for the American steelmaker Nucor.
A report by Moneyshow.com claims that Nucor, the USA’s largest recycler of any material and the biggest minimill steelmaker in the country, is up 34% since the start of 2016, thanks in large part to an International Trade Commission ruling that China has been dumping steel in the US at ‘less than cost’.
The ruling means bigger tariffs on imported steel from China and this has strengthened Nucor’s financial position in the market.
Also on the good news front, Nucor has signed a 10-year deal with energy infrastructure giant Kinder Morgan. The deal, which is worth $900 million and involves the company’s terminals division handling in the region of 14.8Mt of scrap, DRI, pig iron and other feedstocks.
Nucor is also planning to build an automotive steel plant in Mexico in partnership with Japanese steelmaker JFE Holdings, a joint venture that can only bolster Nucor’s position in the long term.