Steel Mills
Nucor: Best Quarterly Results Expected in Q2
Written by David Schollaert
June 15, 2022
Nucor Corp. expects to post the most profitable quarter in its history, the company said, for its second-quarter ending July 2 earnings guidance.
The Charlotte, N.C.-based steelmaker expects earnings of $8.75 to $8.85 per diluted share in the second quarter, according to figures released on Wednesday, June 15.
That’s up from the previous record of $7.97 per diluted share in the fourth quarter and roughly 75% higher than the $5.04 per diluted share in the second quarter of 2021, Nucor said.
The anticipated results for Q2 are in-line with the statements Nucor president and CEO Leon Topalian said during the steelmaker’s first-quarter earnings results in April.
The company’s top results come as second-quarter earnings will be “driven by increased profitability in the steel products segment,” which Nucor says continues to benefit from robust demand in nonresidential construction markets and boosted profitability at its bar, sheet, and plate mills.
“End-use market demand remains strong for steel and steel products, and we remain confident that 2022 will be another year of very strong earnings and cash flow,” Nucor said.
To boot, the steelmaker said its raw materials segment is expected to generate increased profits in Q2 due to higher selling prices for raw materials.
By David Schollaert, David@SteelMarketUpdate.com
David Schollaert
Read more from David SchollaertLatest in Steel Mills
Nucor’s Utermark to retire in June
Chad Utermark, executive vice president of new markets and innovation, plans to retire effective June 7.
Nippon could up investment in USS facilities to $7B: Report
It's the latest twist as the proxy battle heats up for Pittsburgh-based U.S. Steel.
Hybar expansion still on the table as Arkansas mill startup nears
As Hybar nears the completion of its $700-million rebar mill in Arkansas, the company said it is still “actively considering” building other steel facilities in the southern US.
Global steel production edges lower in February
February’s global raw steel output is tied with last December's for the fourth-lowest monthly production rate recorded over the past two years.
Fate of U.S. Steel hangs in the balance
The future of U.S. Steel remains unclear, but the proxy fight for control of the company is heating up. Shareholders will cast their votes on the company's future at the annual meeting in May.