Why Nucor Stock Rose as Much as 15% This Week
Shares of Nucor (NYSE: NUE), the largest steelmaker in North America, rose as much as 15% this week, according to data from S&P Global Market Intelligence. At the open of trading on Friday, Feb. 4 the stock was higher by roughly 12.5%. But the gains didn't actually start this week.
Nucor reported fourth-quarter 2021 earnings on Jan. 27. It was an impressive update, with the steelmaker announcing record quarterly earnings of $7.97 per share. That was up from $1.30 per share in the final quarter of 2020 and higher than the $7.28 per share it earned in the third quarter of 2021.
Nucor is not alone in its success. Peer Steel Dynamics (NASDAQ: STLD), for example, broke five records in its fourth quarter, including new highs for revenue, cash flow, and net income. Basically, steel companies ended 2021 on a very positive note. All of the major U.S. players, including United States Steel and Cleveland-Cliffs, have had a good week.
Source Fool.com
