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

David Schollaert is a senior analyst for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. Based in CRU’s Pittsburgh office, David can be reached at david@steelmarketupdate.com or 724-720-1008.

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