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New Headwinds For Nucor, But Still Some Value

Steel continues to be a tough place to make money as an investor on the long side, as well-run producers like Nucor (NYSE:NUE), Steel Dynamics (NASDAQ:STLD), and ArcelorMittal (NYSE:MT) have seen share price movements of -9%, +4%, and -41% over the past year. While input cost inflation has eased, the supply/demand balance has kept a lid on price realizations as major markets like non-residential construction and autos can't absorb enough steel to push up capacity…