Nucor Executive Raymond Napolitan Sells Almost $800,000 in Shares During Big News Week

2/23/17

By Justina Vasquez, NC BIZ News

Nucor Corp.’s executive vice president sold $790,400 in shares, according to a Thursday afternoon filing from the Securities and Exchange Commission.

Across six separate transactions, Raymond Napolitan sold 12,400 shares of common stock on Wednesday. He has just under 394,000 shares of common stock remaining worth nearly $24 million.

The sales come the day the Charlotte-based company successfully tariffed a popular Turkish steel product and the day after it declared its 176th consecutive quarterly cash dividend and announced a new chairman.

Along with its partners in the Rebar Trade Action Coalition, who complained about U.S. subsidization of Turkish rebar steel, Nucor successfully petitioned for an counter tariff on one company not already being taxed by a 2014 tariff.

The U.S. Department of Commerce announced the 3.47 percent tariff Wednesday afternoon. Rebar is a product used as reinforcement beams in building construction.

Nucor also announced Tuesday it will pay dividends this May of $0.3775 per share. The same amount was paid the previous quarter. It’s up one-fourth of a penny from the dividends paid the same quarter a year prior.

Also on the Tuesday before Napolitan’s sales, Nucor announced John Walker would be the company’s new chairman of the board.

Walker is a former CEO to three metals companies, Global Brass and Copper Inc., GBC Metals LLC and Chase Brass LLC, according to Bloomberg News. He left Global Brass and Copper, his most recent chief executive position, in 2014. He is still a director there, and has been on the Nucor board since 2008.

The executive vice president of fabricated construction products, Napolitan has been working for Nucor off and on since 1996, when he was an engineering manager based in Indiana. His most recent position was as president of the Vulcraft/Verco Group until he began again at Nucor in 2013.

The company’s stock is down 3.72 percent Thursday to $60.89, and it has been down this week since Tuesday. It’s not as low as the stock’s early-February $51 price tag nor its price about one year ago of about $39, up 56.97 percent since then.

Napolitan’s last stock sale was in July 2016.

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