As noted in the intro, Nucor's stock price has been falling because of weakening steel industry fundamentals. Nucor is still a great and highly profitable company. But the price drop has pushed its valuation notably below the company's long-term averages. The price-to-book value chart above shows that pretty clearly. Although there could be more downside if the economy falls into a recession, Nucor looks at worst reasonably priced (more likely a little cheap) today. For investors looking at the domestic steel space, a deep dive into Nucor would be a good call. At the very least, this iconic mill should be on your wish list.