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Nucor Steel Backlogs +40% YoY → New $4B Share Buyback, FY2026 Capex Drops to $2.5B

Nucor Corporation reported steel backlogs up 40% year-over-year driven by U.S. infrastructure and reshoring demand, announced a new $4 billion share repurchase program, and guided FY2026 capital expenditures lower to $2.5 billion signaling a shift toward capital return. Analysts hold a Strong Buy consensus with an average price target of $190.23, reflecting optimism about steel demand from the manufacturing renaissance. Risks include steel price volatility, imports from overseas producers, and potential construction activity slowdown if infrastructure spending is delayed.