Nucor Anticipates Dip in Q3 Steel Mill Segment Earnings

SEATTLE (Scrap Monster): Charlotte, N.C.-headquartered Nucor Corporation declared results for the second quarter of the current year.

The company announced consolidated net earnings of $1.46 billion, or $5.81 per diluted share during the quarter. This compares with consolidated net earnings of $1.14 billion, or $4.45 per diluted share in the prior quarter and $2.56 billion, or $9.67 per diluted share in the corresponding quarter a year before.

In the first six months of the current year, Nucor’s consolidated net earnings stood at $2.60 billion, or $10.26 per diluted share, as compared with $4.66 billion, or $17.30 per diluted share during the initial six-month period in 2022.

Commenting on the results, Leon Topalian, Nucor's Chair, President and Chief Executive Officer noted that the investments made over the past few years to grow its core and expand into new markets have generated strong returns and further solidified the company’s position as a highly efficient industrial manufacturer.

The company expects dip in Q3 earnings, compared to the second quarter. The decreased profitability, especially at sheet mills, will contribute to notable decline in earnings of the steel mills segment. The steel products segment earnings are likely to moderate, whereas it expects raw material segment earnings to dip in Q3 this year.