Nucor

Nucor is the largest steel producer in the United States and one of the most efficient in the world, built on electric-arc furnaces that recycle scrap metal. Its decentralised, low-cost model and broad product range have long made it the industry's benchmark, allowing it to stay profitable through cycles that have crippled higher-cost rivals. Nucor has raised its dividend for more than three decades, an achievement made all the more notable for a cyclical steelmaker. The yield is low, and earnings inevitably swing with steel prices, but the base dividend is well covered and management has protected the raise streak through downturns. It offers a dependable, growing payout wrapped inside an inherently cyclical business.