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May 13, 2021, 8:10 a.m. EDT

Nucor sets new $3 billion stock repurchase program, which could represent more than 10% of its shares

Nucor Corp. (NYS:NUE) said Thursday it has set a new $3.0 billion stock repurchase program. Based on the previous session's stock closing price of $95.99, the steel products company could buy back about 10.4% of the shares outstanding. The company said the new program replaces the $2.0 billion program that was authorized in September 2018, of which $1.55 billion of common stock had been repurchased. The new program has no expiration date. The stock, which slipped 0.3% in premarket trading, has soared 80.5% year to date through Wednesday, as continuous HRC Steel Futures (NYM:HRN00) have run up 66.2% and the S&P 500 (S&P:SPX) has gained 8.2%.

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