From Yahoo Finance · · 1m 40s
Nucor's hot year hits a speed bump
Nucor is up 58% in 2026, but the last three months show the steel trade getting crowded.
In brief
Nucor is up 58% in 2026, but the last three months show the steel trade getting crowded. Nucor's big gains came from tariffs, infrastructure spending and reshoring, not from a sudden jump in steel demand, and its three-month lag behind the sector shows the easy part may be over. Originally reported by Yahoo Finance.
America's biggest steelmaker
Nucor is the largest steel producer and recycler in the U.S., worth $58.2 billion. It makes everything from sheet steel to joists and tubing for construction, infrastructure and energy.
Scrap, not blast furnaces
Nucor melts scrap in electric arc furnaces instead of running traditional blast furnaces. That gives it more flexibility to ramp output up or down, and a smaller environmental footprint.
The recent run has cooled
The stock hit a 52-week high of $280.11 on Aug. 5, then slipped 7.9%. Over three months it gained just 1.4% while the VanEck Steel ETF rose 4.4%.
“NUE's recent momentum has cooled after a powerful run.”
Zoom out and it's a rout
Nucor is up 58.1% in 2026 and 82.9% over the past year, well ahead of the industry benchmark's 30.9% and 58.2%. It has held above its 200-day moving average all year.
Tariffs did the heavy lifting
Shares jumped over 4% on Aug. 24 when U.S.-Canada trade talks collapsed. The 50% tariff on Canadian steel stays in place, keeping cheaper imports out of Nucor's market.
Wall Street still says buy
Steel Dynamics has edged ahead with an 84.7% 52-week gain. Even so, all 16 analysts covering Nucor rate it a Strong Buy, with a $289.31 target implying 12.2% upside.
The big picture
Nucor's big gains came from tariffs, infrastructure spending and reshoring, not from a sudden jump in steel demand, and its three-month lag behind the sector shows the easy part may be over.
