10 Best Steel Stocks to Buy According to Billionaires

3. Nucor Corporation (NYSE:NUE)

Number of Billionaire Investors: 12

Nucor Corporation (NYSE:NUE) is America’s top steel producer, with operations spanning steel mills, products, and raw materials. The company produces various types of steel, including hot-rolled, cold-rolled, galvanized, structural steel, and bar steel, for the building, automotive, and energy sectors. Nucor also trades steel, distributes rebar, and runs a raw materials division that processes scrap and makes direct-reduced iron (DRI).

Despite weaker steel prices, Nucor earned $287 million ($1.22 per share) in Q4 ended December 31, 2024. Annual profits hit $2 billion ($8.46 per share), while Q4 EBITDA reached $751 million, adding to the annual total of $4.4 billion. Moreover, steel and product shipments stayed robust, backed by steady demand and minimal holiday disturbances.

However, the steel mills unit saw pre-tax earnings drop 45% quarter-over-quarter from lower prices and tighter metal margins. The steel products segment fared better with just a 5% earnings dip, helped by stable backlogs and solid nonresidential building demand.

Nucor Corporation (NYSE:NUE) pushes ahead with major growth projects, including its West Virginia sheet mill, set to start in late 2025. Moreover, the company is adding galvanizing lines, rebar micro mills, and automated tower manufacturing plants to strengthen its position in the infrastructure and telecom markets.

For early 2025, Nucor expects modest steel demand growth, with stronger upticks in the second half. Infrastructure and housing remain key growth drivers, aided by supportive policy changes. Yet global steel overcapacity and unfair imports pose threats, prompting Nucor to push for tougher trade rules. Despite these issues, as one of the best steel stocks, Nucor Corporation (NYSE:NUE) remains well-positioned for the future.