Nucor Corporation Announced Significant Dip in Q2 2024 Earnings

The company reported net earnings of $645.2 million during the quarter.

SEATTLE (Scrap Monster): Charlotte, N.C.-based Nucor Corporation announced results for second quarter 2024.

The company reported net earnings of $645.2 million during the quarter. This is significantly lower by 23.6% from the net earnings of $844.8 million recorded in the prior quarter. Also, the Q2 2024 net earnings recorded 55.8% decline upon comparison with the net earnings of $1.46 billion in the corresponding quarter a year before. Nucor attributed the dip in earnings to softer market conditions.

Nucor registered net sales of $8.08 billion during Q2 this year, down marginally by 1% from the prior quarter. The net sales registered notable decline by 15%, when compared with the year-ago quarter. The company’s net sales stood at $9.52 billion in the second quarter of 2023.

Commenting on the quarterly results, Leon Topalian, Chairman, President and CEO, Nucor Corporation said that the company remains focused on its strategy to grow its core steelmaking operations and expand into steel-adjacent downstream markets. Looking ahead, the earnings in the third quarter of 2024 is likely to remain lower than Q2, mainly on account of anticipated lower average selling prices in the steel mills segment, he added.

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