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Saturday June 19, 2021, 05:26:03

Steel Dynamics (STLD): Dropping Coverage

By Chris D. Olin

As part of a strategic review, we are concluding formal coverage on Steel Dynamics (STLD), effective today, as the company no longer fits into our long-term coverage plan. Continue reading

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Saturday June 19, 2021, 04:29:12

Nucor Corporation (NUE): Dropping Coverage

By Chris D. Olin

As part of a strategic review, we are concluding formal coverage on Nucor Corporation (NUE), effective today, as the company no longer fits into our long-term coverage plan. Continue reading

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Monday June 7, 2021, 07:13:57

Reliance Steel & Alum (RS): Dropping Coverage

By Chris D. Olin

As part of a strategic review, we are concluding formal coverage on Reliance Steel & Aluminum (RS), effective this morning, as the company no longer fits into our long-term coverage plan. Continue reading

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Thursday March 25, 2021, 00:50:38

Nucor Corporation (NUE): Gauging Upside/Downside Against Our Already Aggressive $10+ EPS Forecast For CY21

By Chris D. Olin

After raising estimates for the current quarter and year to reflect the better-than-expected mid-quarter guidance issued by the management team last week, we examined some of the larger NUE portfolio drivers, looking to gauge the upside and downside risk as it relates to two major issues: (1) the sustainability of the Section 232 trade protections during a new period of US Presidential leadership; and (2) the upside bias associated with the release of a large infrastructure bill. Starting with a $10.00+ and $8.28/share earnings forecast for CY21 and CY22, respectively, already well above consensus, we calculated roughly $1.75-2.00 of potential earnings upside associated with surging demand for niche carbon steel products dedicated for large-volume public construction projects. Conversely, we assume there to be $1.40-1.50/share of earnings dilution risk should President Joe Biden rescind Section-232 trade protections. This implies a +30% risk/reward profile. Continue reading

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