Nucor Foresees Dip in Steel Mills Business Earnings in Q4

SEATTLE (Scrap Monster): Nucor Corporation reported results for the third quarter of 2024.

The business reported consolidated net earnings attributable to shareholders of $249.9 million, or $1.05 per diluted share, for the quarter. By comparison, consolidated net earnings attributable to shareholders were $645.2 million, or $2.68 per diluted share, in the second quarter of this year and $1.14 billion, or $4.57 per diluted share, in the third quarter of 2023. Adjusted net results for stockholders were $353.0 million, or $1.49 per diluted share, said a news release.

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The company's consolidated net sales fell 8% to $7.44 billion in the third quarter of 2024 compared to the previous quarter. Total shipments to outside clients were around 6.196 million tons. In the third quarter of this year, overall steel mill shipments fell 3% from the previous quarter. Shipments to internal customers comprised 19% of total steel mill shipments.

During the first three quarters of 2024, the firm generated consolidated net earnings attributable to shareholders of $1.74 billion, or $7.22 per diluted share.

Due mainly to the expected drop in earnings from the steel mills business, Nucor anticipates that consolidated net earnings attributable to shareholders will be lower in the fourth quarter than in the third.