Steel Mills

Nucor Says Q2 Results Will Beat Prior Quarter's

Written by Laura Miller

June 15, 2023

Nucor Corp. said its second-quarter earnings should beat those of the prior quarter on strength in all its business segments.

Nucor

The steelmaker expects its Q2 earnings to be in the range of $5.45 to $5.55 per diluted share. Although down from the $9.67 per share posted in Q2 last year, it’s an improvement upon Q1 earnings of $4.45 per share.

In April, when it released its Q1 earnings in which it posted net income of $1.137 billion on sales of $8.71 billion, the steelmaker expressed confidence that its Q2 results would be better.

Margin expansion at the company’s sheet mills should result in a sequential improvement in the steel mills segment, and improved profitability at its direct-reduced iron facilities will benefit the raw materials segment. The steel products segment’s results will be comparable to the strong performance seen in Q1, Nucor said in a statement on Thursday, June 15.

SMU will cover Nucor’s full Q2 earnings report when it is released on July 25.

By Laura Miller, laura@steelmarketupdate.com

 

Laura Miller

Laura Miller is a reporter and editor for Steel Market Update. She has held a variety of positions within the steel industry since 2007, including reporting and editing for Steel Business Briefing/Platts, the Association for Iron and Steel Technology, and Kallanish Commodities, as well as marketing for what was then known as ThyssenKrupp Steel USA (now AM/NS Calvert). After a five-year hiatus working across other industries, she returned to steel in 2021 and has covered the flat rolled, tubular, and trade areas of the industry. She is a member of the Association of Women in the Metal Industries and a past-president of the AWMI Pittsburgh Chapter. She holds a BA in Latin American Studies from Edinboro University of Pennsylvania. She can be reached at laura@steelmarketupdate.com or 724-759-7869.

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