Is Nucor Stock a Buy?
Many investors and money managers are preparing for a slowing economy or even recession. While cyclical industries like steel typically see sharp downturns in financial results during those periods, the leading steelmakers in the country are shrugging off economic fears and uncertainty.
Nucor (NYSE: NUE) and smaller peer Steel Dynamics both reported strong second-quarter earnings last week, and both continue to pour billions into growth investments. Nucor sees 2022 outpacing last year's record earnings to establish another new record. The positive comments and optimistic investment actions make it worth a look to see if Nucor stock is a buy right now.
The strong quarterly reports from both Nucor and Steel Dynamics help reaffirm that the industry is healthy. Steel prices soared during the pandemic, and while off those peaks, they surged again after Russia's invasion of Ukraine. That helped lead Nucor to build on its bottom-line results over the past 18 months.
Source Fool.com
