Nucor Corporation NUE is strengthening its position in the utility market with a $105 million investment aimed at expanding production capacity at its Nucor Towers & Structures facility in Crawfordsville, IN. The expansion is subject to regulatory and other approvals and will increase manufacturing capacity for utility poles and related products used in the nation's power transmission and distribution infrastructure.
The project will add more than 120,000 square feet of manufacturing space and incorporate advanced automation, modern production equipment and updated manufacturing technologies. It is also expected to create 100 new jobs, with average annual wages of $87,500, adding to the facility’s existing workforce of 328 members.
The expansion supports growth in the region by investing in modernizing the electric grid and meeting increasing electricity needs. Nucor Towers & Structures was established in 2022 following the company's acquisition of Summit Utility Structures. Since then, Nucor has developed facilities in Alabama and Indiana and is building another plant in Utah. Its highly automated operations and advanced hot-dip galvanizing capabilities support product quality.
NUE shares have gained 81.8% in the past year compared with the industry’s 56.5% rise in the same period.
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NUE’s Zacks Rank & Key Picks
NUE currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Reliance, Inc. RS, Air Products and Chemicals, Inc. APD and Axalta Coating Systems Ltd. AXTA.
RS sports a Zacks Rank #1 (Strong Buy) while APD and AXTA carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here
The Zacks Consensus Estimate for RS’ 2026 earnings is pegged at $23.70 per share, indicating a 66.2% year-over-year increase. RS’shares have gained 45.3% over the past year.
The Zacks Consensus Estimate for APD’s current fiscal-year earnings is pinned at $13.46 per share, indicating an 11.89% rise on a year-over-year basis. APD’sshares have gained 8.3% over the past year.
The Zacks Consensus Estimate for AXTA’s fiscal 2026 earnings is pegged at $2.63 per share, indicating a rise of 5.62% year over year. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, with an average surprise of 6.45%.
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Nucor Corporation (NUE): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).