Steel Mills

Nucor blames steel mills segment for depressed Q4 guidance

Written by Ethan Bernard

December 17, 2024

Nucor cited decreased volumes and prices in its steel mills segment as the key driver of its lower guidance for the fourth quarter.

The Charlotte, N.C.-based steelmaker anticipates Q4’24 earnings to be in the range of $0.55 to $0.65 per diluted share. This compares with $1.05 in Q3’24 and $3.16 in the same period last year.

Steel products, raw materials segments

“We expect earnings in the steel products segment to decrease in the fourth quarter of 2024 as compared to the third quarter of 2024 due to decreased volumes and lower average selling prices,” Nucor said in a statement on Tuesday.

At the same time, Nucor said the earnings of the raw materials segment are expected to increase in Q4’24 vs. Q3’24. (This excludes an impairment charge taken during Q3’24.)

Nucor is set to release its earnings after the markets close on Monday, Jan. 27.

Ethan Bernard

Ethan Bernard is a reporter and editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

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