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Nucor CEO explains what led the steelmaking company to its third-most profitable year.

Nucor CEO Leon Topalian recently had a chat with CNBC’s Jim Cramer to discuss the company’s robust financial performance following the release of their earnings report. Nucor, North America’s largest steelmaker, has been experiencing notable profitability over the past few years.

Topalian emphasized Nucor’s significant contribution to the U.S. steel production, accounting for a quarter of the total output. He highlighted the company’s remarkable earnings in the last three years, surpassing the cumulative earnings of the past two decades. This achievement reflects their unwavering commitment to growth and effective strategy execution.

The CEO credited Nucor’s success to their strategic focus on diversifying into adjacent industries beyond traditional steelmaking. By expanding into sectors like automotive, agriculture, and energy, less susceptible to steel market fluctuations, Nucor has fortified its position and capitalized on emerging trends.

Topalian also highlighted the positive impact of government initiatives on Nucor’s operations. Measures such as the Biden administration’s infrastructure bill and incentives for domestic semiconductor production have bolstered steel demand, presenting lucrative opportunities for Nucor in supplying materials for infrastructure projects and semiconductor manufacturing.

Looking forward, Topalian expressed confidence in Nucor’s ability to seize future opportunities, particularly in sectors like power transmission and infrastructure development. Consequently, Nucor’s stock witnessed a significant increase of nearly 7% by the end of Tuesday’s trading session.

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