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For an “Executive Decision” segment, Cramer checked back in with John Ferriola, chairman, president and CEO of Nucor (NUE) , the steelmaker that today posted a penny-a-share earnings beat on a 16% increase in year-over-year revenues. The company also issued strong guidance for the upcoming quarter now that new imported steel tariffs are beginning to take hold. Shares of Nucor were down 0.4% by the close.
Ferriola said that President Trump’s credibility is on the line and he must honor the May 1 deadline for new tariffs to begin. Only then will America have a level playing field for steel and aluminum.
But even without tariffs, Ferriola noted that Nucor saw strong results this quarter, even though imported steel made up 25% of the market. Their plants are running at 92% of capacity to meet demand.
When asked if there will be a shortage of steel once tariffs are enacted, Ferriola quipped that there will only be shortages of dumping and illegal prices. Those who want to buy American can choose Nucor, he said, while those who want to import can still do so, only now they’ll be paying fair market prices.
Finally, Ferriola noted that all of their end markets continue to be strong, with flat sheet products among the strongest.
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