Nucor Not Expecting Scrap Prices To Remain Under Pressure For Balance Of 2010

Analysts at Deutsche Bank maintain their "buy" rating on Nucor NUE. The target price for NUE is set to $50. During the conference with Deutsche Bank, “Nucor characterized demand as stable and it views recent 'caution' in the supply chain as a reaction to lower metallic (scrap/iron ore) costs. Also, it doesn't expect scrap prices to remain under pressure for the balance of '10.” “An uncertain economic outlook is a limitation but acquisitions remain a priority for Nucor within each of its business units…. An equity investment operating 23 sheet processing centers in N. America; mainly leveraged to auto & appliance demand (75% of vols). Also, NUE doesn't believe NuMit threatens its mill customers and it will use this entity for further processing acquisitions,” the analysts say. More Analyst Ratings here