The $900 Million Free Cash Flow Machine Nobody's Watching
When the market treats structural change as cyclical noise, you get mispricing. Nucor just became interesting.
"Any steel coming into the United States is going to have a 25% tariff."
— President Trump, February 2025
Here’s what happened while everyone was obsessing over tech earnings:
A quiet steel company just reported mill backlogs up 40% year-over-year. Their CFO guided to “higher pricing across all major product categories” for Q1. And imports collapsed from 25% market share to 14% in eleven months.
Oh, and they’re about to free up $900 million in cash flow.
