Steel Mills

Nucor: On Track for Best Year on Record Despite Q3 Downgrade
Written by David Schollaert
September 14, 2022
Nucor Corp., the largest steelmaker in the US, expects lower sequential results for its third quarter ending Oct. 1.
The Charlotte, N.C.-based steelmaker expects earnings of $6.30 to $6.40 per diluted share in Q3, according to earnings guidance figures released on Wednesday, Sept. 14.
That’s down from the record of $9.67 per diluted share in the second quarter and roughly 13% lower than the $7.28 per diluted share in Q3 2021, Nucor said.
The anticipated results for Q3 are lower than earlier statements made by Nucor president and CEO Leon Topalian during the steelmaker’s Q2 earnings results in July.
The company’s downgraded results come as Q3 earnings will be “considerably lower” versus the prior quarter “due to metal margin contraction and reduced shipping volumes, particularly at our sheet and plate mills.”
Its steel products segment is expected to have another strong quarter in Q3, with earnings roughly in line with its Q2 results, while its raw materials segment is expected to match the results generated in Q2 2022.
Despite the downgrade, Nucor anticipates that 2022 will be the most profitable year in its history.
By David Schollaert, David@SteelMarketUpdate.com

David Schollaert
Read more from David SchollaertLatest in Steel Mills

Fall maintenance outages are coming in hot
Labor Day has passed, the sun is starting to set a little earlier each day, and cooler weather has begun to find its way down to many of us across North America. And you know what that means for the steel industry… Fall maintenance outages!

AISI: Domestic steel production ticks up
US raw steel production ticked up in the week ending on Sept. 6 after a decrease the week before, according to the most recent data from the American Iron and Steel Institute (AISI).

Domestic mill shipments slip in July: AISI
US steel shipments decreased month over month in July, but were up from last year, according to the latest figures from the American Iron and Steel Institute (AISI).

Nippon and USS drop litigation vs. USW and Cliffs
Another chapter of the Great U.S. Steel Buyout of the 2020s melodrama has closed, with all involved parties terminating the litigation disputes between them.

Steel Summit: Analysts say demand likely to struggle until 2027
Steel industry analysts at this year's SMU Steel Summit said they see lackluster demand through this year and next.