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NuScale Power (SMR) and Nucor (NUE) have signed a Memorandum of Understanding - MOU - to explore co-locating NuScale's VOYGR small modular nuclear reactor power plants to provide clean, reliable baseload electricity to Nucor's scrap-based Electric Arc Furnace steel mills. The companies will also explore an expanded manufacturing partnership through which Nucor would supply Econiq, its net-zero steel products, for NuScale projects. As part of the MOU, the companies will evaluate site suitability, transmission interconnection capabilities and capital costs for potential NuScale plants to be sited near and provide carbon free electricity to Nucor EAF steel mills. In addition, NuScale will study the feasibility of siting a manufacturing facility for NuScale Power Modules near a Nucor facility. The agreement strengthens NuScale's partnership with Nucor, which invested $15M in NuScale in 2022.

The Department of the Treasury and Internal Revenue Service released guidance that provides information about the domestic content bonus under the Inflation Reduction Act for clean energy projects and facilities that meet American manufacturing and sourcing requirements. Under the Production Tax Credit, facilities that meet domestic content requirements receive a 10% bonus. Under the Investment Tax Credit, projects that meet the domestic content requirement receive up to a 10-percentage point bonus. Projects are eligible for the full value of the bonus only if they meet the domestic content requirement and one of the following requirements: the project has a maximum net output of less than 1 megawatt of energy, construction of the project began before January 29, 2023, or the project satisfies the Inflation Reduction Act's prevailing wage and apprenticeship requirements. The domestic content bonus applies to facilities built using the required amounts of domestically produced steel, iron, and manufactured products. To receive the bonus, all steel and iron manufacturing processes must take place in the United States. A statutorily required minimum percentage of the costs of the manufactured products and components of manufactured products that comprise a facility must come from products and components that were mined, produced, or manufactured in the United States, Treasury said in its statement. Publicly traded companies in the steel space include AK Steel (AKS), ArcelorMittal (MT), Nucor (NUE), Steel Dynamics (STLD), TimkenSteel (TMST) and U.S. Steel (X).

The board of directors of Nucor has approved the repurchase of up to $4.0B of the company's outstanding common stock. This new authorization replaces the previously authorized $4.0B repurchase program, which was terminated by the board of directors in connection with the approval of the new authorization, under which approximately $3.79B of the company's common stock had been repurchased since its authorization in December 2021. "The company expects share repurchases will be made from time to time in the open market at prevailing market prices or through private transactions or block trades. The timing and amount of repurchases will depend on market conditions, share price, applicable legal requirements and other factors. The new share repurchase authorization is discretionary and has no expiration date," Nucor stated.