Tag: expects

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Health

Dr. Scott Gottlieb expects Covid to be ‘endemic’ in U.S. after delta surge

Dr. Scott Gottlieb expects Covid to be 'endemic' in U.S. after delta surge

Dr. Scott Gottlieb told CNBC on Friday that he expected the coronavirus to become an endemic virus in the US and other western countries after the recent surge in Delta variant infections settled.

“We are going from a pandemic to a more endemic virus, at least here in the United States and probably in other western markets,” said Gottlieb on “Squawk Box”. An endemic virus is one that remains relatively infrequent in the American population, such as seasonal flu.

Gottlieb – Commissioner of the Food and Drug Administration from 2017 to 2019 during the Trump administration and now a board member at several companies, including vaccine maker Pfizer – has previously said that “true herd immunity” for Covid in new infections may indeed be impossible for years to come .

“It’s not a binary point in time, but I think after we get through this delta wave this becomes more of an endemic disease where you see some kind of persistent infection through winter … but not at the level” we certainly do experience right now, and it doesn’t necessarily depend on the booster shots, “added Gottlieb on Friday.

Gottlieb said he anticipates the spread of the highly transmissible Delta variant will remain remarkable in the coming weeks.

“You will probably see the course of the delta wave between the end of September and October,” said Gottlieb. “Hopefully we’ll be on the other side, or come the other side, sometime in November, and we won’t see a big bout of infection on the other side of this delta wave after that.”

The tri-state region of New York, New Jersey, and Connecticut will see a spike in delta cases as rates slow in the south, Gottlieb said.

“This is a big country and the delta wave will be regionalized to sweep across the whole country,” he said. “Hopefully by September you will see the other side of that curve very clearly in the south, but falls will increase in the northeast, in the Great Lakes region, maybe in the Pacific Northwest. … It will likely coincide with a restart at school, some companies are coming back if you look at last summer too. “

Gottlieb’s comments on Friday morning came before the Centers for Disease Control and Prevention gave final approval to begin distributing Covid vaccine booster vaccines to recipients of the Pfizer and Moderna vaccines who have weakened immune systems. The CDC’s approval followed a unanimous vote on Friday to recommend booster vaccinations for its Advisory Committee on Immunization Practices. It now enables the shots to reach vulnerable people such as organ transplant recipients, cancer and HIV patients.

The day before, the FDA approved booster injections for people with compromised immune systems. They make up about 2.7% of the US adult population, but account for about 44% of hospitalized breakthrough Covid cases among fully vaccinated people, according to recent data from the CDC.

Gottlieb said the ability to give these Americans booster vaccinations, which help strengthen their immunity levels, will push the US further into the “endemic phase”.

“I think this is both a political call and a public health call for US officials to continue trying to promote initial vaccinations before they move on to booster vaccinations,” Gottlieb said of the FDA’s announcement on Thursday.

Some of the people Gottlieb believes should get Covid booster vaccinations soon include nursing home residents, who tend to be older and have underlying medical conditions that make them more prone to Covid. That’s especially worrying as the Delta variant invades the northern states and continues to postpone its first round of vaccination in the rearview mirror, he said.

“I would be concerned about nursing homes entering these environments now, given that there is a patient population that is likely to have declining immunity and is more vulnerable than it was five months ago.”

Disclosure: Scott Gottlieb is a CNBC employee and a member of the board of directors of Pfizer, genetic testing startup Tempus, health technology company Aetion, and biotechnology company Illumina. He is also co-chair of the Healthy Sail Panel of Norwegian Cruise Line Holdings and Royal Caribbean.

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Politics

Trump Group expects to be charged Manhattan DA case

Trump Organization expects to be charged Manhattan DA case

CNBC policy

Read more about CNBC’s political coverage:

A spokesman for DA Cyrus Vance Jr. has repeatedly declined to comment on the investigation or the timing of possible charges.

Ronald Fischetti, a Trump organization attorney and company spokesman, did not immediately respond to requests from CNBC for comment.

If the Trump organization is convicted of a crime, the company could face fines or behavioral restrictions.

Fischetti told CNBC last week, “In my 50+ years of practice, I’ve never seen prosecutors target a company for employee compensation or fringe benefits.”

“The IRS did not want to and did not file such a case,” said the attorney. “Even the financial institutions that caused the 2008 financial crisis, the worst financial crisis since the Great Depression, have not been prosecuted.”

Fischetti also confirmed the likelihood of criminal charges against the company last week.

“It looks like they’re going to bring charges against the company, and that’s totally outrageous,” Fischetti told NBC News at the time.

“They couldn’t get Allen Weisselberg to cooperate and tell them what they wanted to hear and so they are going to pursue these allegations and they couldn’t get him to cooperate because he wouldn’t say that Donald Trump knew or Had information he “may not have properly deducted the use of cars or an apartment.”

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Health

CDC expects Covid vaccine information on pregnant ladies in summer season, children beneath 12 in fall

CDC expects Covid vaccine data on pregnant women in summer, kids under 12 in fall

Anne Schuchat, director of the Centers for Disease Control (CDC), speaks during a Senate Fund Subcommittee hearing on Wednesday May 19, 2021 in Washington, DC, United States.

Greg Nash | Bloomberg | Getty Images

Officials with the Centers for Disease Control and Prevention announced Wednesday that they were awaiting data from studies testing Covid-19 vaccines on pregnant women this summer and on children 6 months old by the end of the year.

The deputy main director Dr. Anne Schuchat told lawmakers that the CDC has already received “reassuring data” on vaccines given to women in the third trimester. “We expect more data this summer, especially on vaccines given earlier in pregnancy,” she said at a Senate hearing on the agency’s annual budget.

Although the vaccines are not yet approved for use in pregnant women, Schuchat said that pregnant women should have access to the vaccines because Covid can make them sicker than other people.

“Women who are pregnant and get Covid have worse experiences with the infection than non-pregnant women,” said Schuchat. “More time in the intensive care unit, more risk of serious consequences, including those rare deaths. Covid also makes pregnancy difficult by increasing the risk of premature delivery and leading to other types of complications.”

Schuchat also said new data shows vaccinated mothers can transfer their Covid antibodies to their babies while breastfeeding.

Dr. Anthony Fauci, director of the National Institute for Allergies and Infectious Diseases, makes an opening statement during a Senate Committee on Health, Education, Labor and Pensions hearing to discuss the ongoing federal response to COVID-19 at the U.S. Capitol Washington, DC, May 11, 2021.

Greg Nash | Pool | Reuters

Dr. White House chief medical officer Anthony Fauci said separately on Wednesday that “the baby would get antibodies to the virus through the placenta during pregnancy,” which persist for a few months after birth, he said. Fauci also said in an interview with Axios that mothers can transmit their Covid antibodies while breastfeeding, which extends their babies’ immunity.

Children under the age of 12 “could likely be vaccinated by the end of calendar year 2021 and no later than the first quarter of 2022,” he said.

CDC director Dr. Rochelle Walensky told lawmakers that “Vaccines are coming for adolescents, they are doing dose de-escalation studies that are now up to 9 years old, soon after that up to 6, then up to 3, then up to 6 months. I hope until to have more by late autumn and the end of the year. “

Rochelle Walensky, director of the U.S. Centers for Disease Control and Prevention (CDC), listens during a Senate Fund Subcommittee hearing on Wednesday May 19, 2021 in Washington, DC, United States.

Greg Nash | Bloomberg | Getty Images

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Politics

Biden tells Netanyahu U.S. expects ‘a major de-escalation at the moment’ in Gaza

Biden tells Netanyahu U.S. expects ‘a significant de-escalation today’ in Gaza

U.S. President Joe Biden speaks out on COVID-19 response and vaccination in the East Room of the White House in Washington, DC on May 17, 2021.

Nicholas Comb | AFP | Getty Images

WASHINGTON – President Joe Biden said in a call Wednesday morning with Israeli Prime Minister Benjamin Netanyahu he expected “a significant de-escalation today on the way to a ceasefire”.

During Wednesday’s call with Netanyahu, the fourth conversation since the violence broke out, Biden discussed the ongoing conflict in the Gaza Strip and Israel’s campaign to dismantle Hamas, according to the White House.

“The President has informed the Prime Minister that he is expecting significant de-escalation on the way to a ceasefire today,” the White House ad read.

Israeli Prime Minister Benjamin Netanyahu gestures as he speaks during a briefing with ambassadors to Israel at a military base in Tel Aviv, Israel, on May 19, 2021.

Sebastian Scheiner | Reuters

The violence between militants from Israel and Hamas has been going on for more than a week. According to local authorities, Israeli strikes in Gaza have resulted in at least 219 Palestinian deaths. Israel has said more than 3,400 rockets bombed its cities. At least 12 people have died in Israel.

The latest round of fighting marked the worst outbreak of violence since the war between Israel and Hamas in 2014. On Tuesday, the European Union became the youngest international power to call for a ceasefire as the civilian death toll in Gaza rises.

Smoke rises after an Israeli air strike on a building in Gaza City on May 18, 2021.

Mohammed Salem | Reuters

“We have received over 60 calls from the President with senior leaders in Israel, the Palestinian Authority and other leaders in the region,” Karine Jean-Pierre, White House Assistant Secretary, told reporters aboard Air Force One.

“The president has been doing this for a long time, for decades, he believes this is the approach we need to take. He wants to make sure we end the violence and suffering we have seen for the Palestinian and Israeli people” said Jean -Pierre added.

When asked for further details of the call, Jean-Pierre said she would “let the formal ad” speak for itself “.

Biden, who is due to speak to the country’s newest Coast Guard officers on Wednesday, told Netanyahu earlier this week that the US was supporting a ceasefire in Gaza.

“The president reiterated his firm support for Israel’s right to defend itself against indiscriminate rocket attacks. The president welcomed efforts to crack down on inter-municipal violence and calm Jerusalem,” said a White House reading.

People look at an unexploded missile dropped by Israel in the neighborhood of al-Rimal while Israeli fighter jets continue to conduct air strikes in Gaza City, Gaza, on May 18, 2021.

Ashraf Amra | Anadolu Agency | Getty Images

Biden also urged Israel to ensure the protection of innocent civilians during the conflict.

On Sunday, Israel went on strike that leveled several houses in the Gaza Strip. At least 42 people were killed in the deadliest strike to date in the ongoing conflict.

Netanyahu defended a punitive air strike on Saturday that collapsed a 12-story building filled with international media. Hamas used part of the building to plan terrorist attacks.

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Business

GM expects to supply self-driving automobiles to customers this decade

GM expects to offer self-driving vehicles to consumers this decade

GM unveiled the Cadillac Personal Autonomous Vehicle concept at CES 2021 in January.

Screenshot

DETROIT – Mary Barra, CEO of General Motors, expects the automaker to bring self-driving vehicles to consumers later this decade.

While autonomous vehicles for delivery and hail services are currently undergoing rigorous testing, manufacturing for retail customers is not a priority for automakers because the technology required for the systems is prohibitively expensive.

“I believe there is still a lot to be done later in the decade, but I believe we will have personal autonomous vehicles,” she told investors on Wednesday during the company’s earnings call for the first quarter.

It did not specifically state that GM would sell such vehicles directly to consumers. It could lease them or offer a subscription service to customers, as it did previously for Cadillac vehicles. A GM spokesman said the company had no further comment at this time.

Barra’s comments come after GM unveiled a personal autonomous vehicle concept car for its Cadillac brand in January. The vehicle was based on the Origin, an autonomous shuttle from the majority subsidiary Cruise.

GM is taking a two-pronged approach to such systems. Cruise leads the development of fully autonomous vehicles as the automaker expands its advanced Super Cruise system with driver assistance to 22 vehicles by 2023. Barra said the goal of Super Cruise is to enable hands-free calling in 95% of driving conditions.

“Both avenues are very important because the technology we are using for vehicles today, I believe, makes them safer and excites customers and gives us the opportunity to generate subscription income,” she said on Wednesday. “And then the ultimate work that we’re doing at Cruise, which is completely autonomous, really opens up more possibilities, and I think we can outline it today.”

Super Cruise currently enables hands-free calling on more than 200,000 miles of pre-mapped highways in the United States and Canada. Other systems, particularly Tesla’s autopilot, offer greater functionality but require the driver to “check in” by touching the steering wheel.

Key differences between Super Cruise and Autopilot include a driver-side infrared camera for monitoring attention and the pre-mapped roads that work with radar, sensors and cameras on board to drive the vehicle.

Commercializing autonomous vehicles has been far more difficult than many predicted a few years ago.

In 2018, GM announced plans to start hail drives in 2019 using self-driving vehicles with no manual controls such as steering wheels and pedals. These plans to conduct further testing have been indefinitely delayed.

In April 2019, Tesla CEO Elon Musk said the automaker would be shipping a car without a steering wheel within two years. However, the company has not updated these plans. Tesla didn’t respond to an email looking for a comment.

Tesla is currently testing a next generation of its system, marketed as a premium “self-drive” option for $ 10,000. Only some owners get access to the beta version of the self-driving system. Despite the name, Tesla has told California-based DMV that the system is not fully autonomous, according to correspondence between the company and the agency received by CNBC and other media outlets.

Last year, GM confirmed plans for a system called “Ultra Cruise” but has not released details of next-generation technology.

– CNBC’s Lora Kolodny contributed to this report.

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Health

Pfizer expects aged, these with well being circumstances to be first

Pfizer expects elderly, those with health conditions to be first

A healthcare worker hands the Pfizer / BioNTech vaccine to Norman G. Einspruch, 88, a cardiology patient, on Dec. 30, 2020, as part of the COVID-19 vaccination schedule for seniors at Jackson Memorial Hospital in Miami, Florida, United States.

Marco Bello | Anadolu Agency | Getty Images

High-risk groups such as the elderly and those with underlying diseases are expected to be the first to receive booster shots of the Pfizer-BioNTech Covid-19 vaccine, the company’s chief scientist told investors on Tuesday.

The two-dose vaccine has been shown to be around 95% effective against Covid two weeks after the second dose, although researchers who helped develop the shot are now saying they are starting to see the strong protection with as time wanes.

Pfizer and BioNTech executives previously told CNBC that people will likely need a booster shot or third dose of the Covid-19 vaccine within 12 months of being fully vaccinated. They also said that people are likely to have to take extra shots every year.

During a call for earnings on Tuesday, Mikael Dolsten, Pfizer’s chief scientist, said it made sense to start with those who are most vulnerable, like older adults, and with chronic illnesses that make them more prone to serious illness and hospitalization like cardiovascular Diseases or cardiovascular diseases make asthma.

“We can’t predict what the CDC and FDA will do,” he added.

Dolsten’s comment comes after the company reported that the sale of its Covid-19 vaccine improved its first quarter financial results.

The company now expects total annual sales of the vaccine to be $ 26 billion, compared to its previous forecast of approximately $ 15 billion. Adjusted pre-tax profit in the high sales range of 20% is expected for the vaccine.

“Based on what we’ve seen, we believe continued demand for our Covid-19 vaccine, similar to that of the flu vaccines, is a likely outcome,” said Albert Bourla, CEO of Pfizer, to investors on the winning bid.

Should Americans need booster vaccinations, the US government would likely need to reach agreements with drug manufacturers to provide additional doses and make plans to distribute vaccines.

Last month Andy Slavitt, senior advisor to President Joe Biden’s Covid Response Team, said the White House was preparing for the potential need for Covid-19 vaccine booster shots. He said the Biden government was considering the need for extra doses.

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Health

Dr. Scott Gottlieb expects little impression on U.S. Covid instances

Dr. Scott Gottlieb expects little impact on U.S. Covid cases

The restrictions recently announced by the Biden government on travelers from India are unlikely to play a significant role in limiting new coronavirus cases in the US, said Dr. Scott Gottlieb told CNBC on Friday.

“Will it have an impact? Perhaps a minor impact on margins in terms of reducing introductions. This will not affect our trajectory dramatically at this point,” the former Commissioner of the Food and Drug Administration told Closing Bell. “It will probably do more harm to India than any good it attributes to us.”

Gottlieb, who sits on the board of directors at Covid vaccine maker Pfizer, believes the White House’s main reasons for restricting travel from India are concerns about the variant of coronavirus known as B.1.617. It was first discovered in the country and is considered highly contagious.

“But that variant is here anyway, and frankly the best way to reduce the risk of this variant is to get more Americans vaccinated,” said Gottlieb, who headed the FDA in the Trump administration from 2017 to 2019, the best Backstop against the spread of this variant without restricting travel at this point. “

White House press secretary Jen Psaki announced the travel restrictions on Friday, which will go into effect on Tuesday. India has seen a sharp spike in Covid cases in the past few weeks and weighs heavily on its health system as the daily death toll hit new records.

According to someone familiar with the matter, the travel order is likely to be for non-US citizens or permanent residents who have recently been to India. This means that the restrictions will have a similar format to those put in place on many trips to the US from China, Brazil and the European Union, effectively excluding most of the visitors from India to the US

“There are some studies that show that implementing travel restrictions can delay the introduction of a virus to a new area – and most of the studies that have been done have looked at pandemic influenza-related introduction and perhaps reduction the height of the epidemic that another country will experience, “said Gottlieb.

If the US had introduced travel restrictions earlier in the pandemic, “which weren’t that leaky,” Gottlieb said, it would be possible that the coronavirus would have taken longer to penetrate the country and limit the severity of the outbreak.

“But at this point we have enough viruses here in the US not to prevent the virus from being brought in from India,” he said.

The White House did not immediately respond to CNBC’s request to comment on Gottlieb’s comments.

Coronavirus cases in the US have continued to decline as more Americans are vaccinated against Covid. On Friday, data from the Centers for Disease Control and Prevention showed that more than 100 million Americans were fully vaccinated.

However, the pace of daily re-vaccinations has slowed, and states are working to find ways to target Americans who are not particularly eager to get a Covid shot.

“I think we can keep working on it,” said Gottlieb, suggesting that a decrease in the average number of shots per day “doesn’t mean we’re doing a bad job.” He added, “I think it’s inevitable that it slows down when you get into weaker demand.”

“Things like vaccination buses, where they just drive up to communities and people can show up on site without waiting and get vaccinated. That way, more people are vaccinated,” added Gottlieb. “Delivering vaccines through construction sites will also help.”

Disclosure: Scott Gottlieb is a CNBC employee and a member of the boards of directors of Pfizer, genetic testing startup Tempus, health technology company Aetion Inc., and biotech company Illumina. He is also co-chair of the Healthy Sail Panel for Norwegian Cruise Line Holdings and Royal Caribbean.

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Health

BioNTech expects information on youngsters ages 5 to 11 as early as finish of summer season

These colleges now say Covid vaccines will be required for fall 2021

16-year-old Thomas Gregory will be vaccinated with the Pfizer-BioNTech Covid-19 vaccine by Nurse Cindy Lamica at UMass Memorial Health Care’s COVID-19 Vaccination Center at the Mercantile Center in Worcester, Massachusetts on April 22, 2021.

Joseph Precious | AFP | Getty Images

Data on how well the Pfizer-BioNTech Covid-19 vaccine works in children ages 5-11 could be available by the end of this summer, the scientist who helped develop the shot told CNBC.

If clinical trials go well and the Food and Drug Administration approves, young children could be vaccinated by the end of the year, said BioNTech Co-Founder and Chief Medical Officer Dr. Ozlem Tureci, late Thursday.

“We expect the data by the end of summer or fall this year. We will then submit it to the regulatory authorities and, depending on how quickly they react, we will receive approval by the end of the year to also immunize younger children.” ” She said.

In late March, Pfizer and BioNTech began a clinical trial testing their vaccine in healthy children aged 6 months to 11 years. This is a critical step in gaining regulatory approval to vaccinate young children and fight the pandemic.

In the first phase of the study, companies will determine the preferred dosage level for three age groups – between 6 months and 2 years, 2 and 5 years, and between 5 and 11 years. Dosages are assessed 11 first in children ages 5 to 11 before researchers move on to the other age groups, they said.

Since companies rate the older age group first, data on children under 5 could be “a little later,” Tureci told CNBC.

The two-dose vaccine is already approved for use in people aged 16 and over. Earlier this month, Pfizer and BioNTech asked the FDA to allow their Covid-19 vaccine to be given to children ages 12-15 in an emergency.

The companies announced in late March that the vaccine was 100% effective in a study of more than 2,000 adolescents. They also said the vaccine produced a “robust” antibody response in the children that outperformed that in a previous study in older teenagers and young adults. The side effects were generally consistent with those seen in adults, they added.

Vaccinating children is seen as critical to ending the pandemic. The nation is unlikely to achieve herd immunity – if enough people in a given community have antibodies to a given disease – until children can be vaccinated, health officials and experts say.

According to the government, children make up around 20% of the total US population. According to experts, between 70% and 85% of the US population must be vaccinated against Covid to achieve herd immunity and some adults may refuse to get the shots.

In addition to testing the vaccine in young children, Pfizer and BioNTech are testing whether a third dose of the vaccine would provide a better immune response against new variants of the virus.

Ugur Sahin, CEO of BioNTech, told CNBC on Thursday that he was “confident” that the vaccine would be effective against B.1.617, a highly contagious variant of coronavirus first identified in India.

Still, he said, people will likely need a third shot of his two-dose vaccine as immunity to the virus wanes. Researchers see a decrease in antibody responses to the virus after eight months, he added.

“If we give a boost, we could actually increase the antibody response beyond what we started with, and that could give us a real comfort of protection for at least 12 months, maybe 18 months,” said Sahin. “And that is really important at a time when all variants are coming.”

Sahin also said he anticipates demand for the shot will continue to rise, adding that the company will increase production capacity of the vaccine to 3 billion doses by the end of 2021. In December, Sahin expects the company’s production target to increase to 400 million cans per month.

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Health

Physician on CDC advisory panel expects pause lifted

Doctor on CDC advisory panel expects pause lifted

A member of a key CDC advisory body told CNBC Friday morning that he expects the U.S. hiatus on Johnson & Johnson’s one-off coronavirus vaccine to be lifted at some point.

“I think we are ready to use this vaccine. We had to take an important pause to review this safety information to consider the risks. But I think there is a large amount of evidence that the Benefit far outweighs this risk, “said Dr. Wilbur Chen, professor in the University of Maryland School of Medicine.

Chen spoke on the Worldwide Exchange before attending a meeting of the Agency’s Advisory Committee on Immunization Practices later on Friday to discuss the rare but serious bleeding disorder some women had after receiving the J&J shot.

In addition to the six patients who experienced rare but severe blood clotting problems after receiving the vaccine, the CDC is investigating two other possible cases: a deceased Oregon woman and a Texas woman who was hospitalized. Of the original six women, one died and one became seriously ill. Approximately 8 million J&J vaccine doses have been administered.

Concern over the problem led the Centers for Disease Control and Prevention and the FDA to temporarily stop using the J&J vaccine in the US last week. When asked by CNBC’s Brian Sullivan whether he believes Americans will get the J&J vaccine at some point, Chen said, “Yes.”

The Advisory Committee on Immunization Practices, known as ACIP, is an external panel of experts that makes recommendations to the CDC. A meeting on the J&J vaccine was called last week, but a decision was postponed until this week. Ultimately, it is up to the CDC and the Food and Drug Administration what to do next.

Chen said ACIP now has better information about the blood clotting problems on which to base its vaccination instructions. “We’ll be able to get a good sample size. It may not be perfect, but we don’t have to be perfect to have actionable information,” said Chen, adding that he expects the panel to “get a number.” working out of recommendations that I think everyone will be happy with. “

In a statement emailed to CNBC, CDC Director Dr. Rochelle Walensky, she hopes the Public Health Agency will receive a “recommendation” that considers the risk versus benefit of using the Johnson & Johnson vaccine based on the new case data and the risk-benefit ratio analysis CDC has in last week. “

“I really appreciate the complex issue before the committee and look forward to hearing from you. I also appreciate the importance of working with the FDA to act quickly as soon as we hear about ACIP,” added Walensky .

Given the urgency of the coronavirus pandemic, some people have criticized the decision to discontinue the J&J Covid vaccine – which only requires one dose for full immunity protection – while the clot investigation was in progress.

Chen disagreed.

“The risk is very, very small, but until we could fully take into account this information we haven’t been able to contextualize this for the rest of the medical community and the public too,” he said. “We only took a 10-day break. Hopefully this won’t be detrimental in the long term, but we obviously want to instill confidence in the security information collection system.”

The other two emergency-approved Covid vaccines in the US come from Pfizer and Moderna. Both require two shots.

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Business

Nucor CEO expects sturdy 2021 after posting document quarterly revenue

Nucor CEO expects strong 2021 after posting record quarterly profit

Leon Topalian, CEO of Nucor, told CNBC on Friday that he expected the good times to continue for the rest of the year after the steelmaker reported record results in the last quarter.

“Nucor expects the next quarter to be strong, but honestly, for all of the indicators we look at, we assume that 2021 will remain strong all year round,” he said in an interview with Jim Cramer “Mad Money”.

The Charlotte, North Carolina-based company announced Thursday that it had posted earnings of $ 942.4 million, or $ 3.10 per share, for the first three months of 2021. The company had $ 7 billion in revenue, up 25% year over year and up 15% over the same quarter before the Covid-19 pandemic.

Strong demand and rising prices are a boon for Nucor’s steel mill segment. Steel making accounted for almost two thirds of the company’s sales.

The results cap a nearly $ 4 billion investment strategy that spans Nucor’s nine projects over several years, Topalian said.

Much of that investment went into building a plate mill in Brandenburg, Kentucky. The factory in which Nucor intends to produce steel plates for the end market of wind farms is scheduled to go into operation at the end of next year.

“This investment is incredibly strategic and positioned not only where it is in the geography but also when we think about what is happening in the renewable offshore wind market,” said Topalian.

“This mill will be a unique, differentiated value supplier for our customers now and in the future. We are therefore geared towards the long term, we will continue to invest and continue to grow.”

Nucor’s shares rose 2.29% to trade at $ 77.83.