Steel Mills

Nucor Expects Record Earnings in Fourth Quarter

Written by Tim Triplett

December 15, 2021

Nucor Corp. expects earnings this quarter to be the highest in the company’s history, surpassing the previous quarterly record of $7.28 per diluted share in the third quarter of 2021. The Charlotte, N.C.-based steelmaker predicted fourth-quarter earnings would be in the range of $7.65 to $7.75 per share.

Nucor“Steel mill segment earnings in the fourth quarter of 2021 remain robust and are expected to be comparable to the third quarter of 2021 despite lower volumes caused by year-end seasonality,” the company said in earnings guidance released Wednesday, Dec. 15.

“We expect the steel products segment to generate increased earnings … as demand in nonresidential construction markets remains strong.”

Nucor expects earnings in its raw materials segment to decrease from the third to the fourth quarter primarily due to margin compression at its direct reduced iron (DRI) facilities.

“As we approach the end of the most profitable year in Nucor’s history, demand continues to be strong in most of the end markets we serve. We are confident that 2022 will be another year of strong profitability for Nucor,” the company said.

During 2021, Nucor has repurchased approximately 33.8 million shares at an average price of $96.92 per share, returning more than $3.7 billion to stockholders in the form of share repurchases and dividend payments year-to-date.

By Tim Triplett, Tim@SteelMarketUpdate.com

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