The American steel sector right now is enjoying the “best of times,” Nucor CEO Dan DiMicco told Cramer Thursday, times not seen since giants like Bethlehem and U.S. Steel ruled the industry.
The days of foreign competitors flooding the U.S. market with cheap steel are over. As countries like China and India grow and develop, they’re keeping their product for themselves. And they’re taking advantage of the weak dollar to buy even more from American companies like Nucor .
DiMicco, who also serves as Nucor’s chairman and president, attributes his company’s success to this booming global demand. With supply way down, he said, “we actually have some pricing power.” That showed when Nucor reported record Q1 earnings, back on April 17, for the fifth year in a row.
Nucor’s “one of the great growth companies in America,” Cramer said, calling the stock a buy. “It’s just too cheap.”
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