Steel Mills
Nucor Sees Lower Q3 Earnings, Sheet Mills Take a Hit
Written by Ethan Bernard
September 14, 2023
Nucor expects third-quarter earnings to be lower sequentially and on-year, the steelmaker said in earnings guidance on Thursday.
The company reported it expects earnings in the quarter ended Sept. 30 to be in the range of $4.10 to $4.20 per diluted share. This compares with net earnings of $5.81 per diluted share in Q2’23 and $6.50 per diluted share a year earlier.
“We expect earnings for the steel mills segment to decline in the third quarter of 2023 as compared to the second quarter of 2023 primarily due to lower pricing, and to a lesser extent, volumes,” Nucor said in a statement.
The Charlotte, N.C.- based steelmaker said the largest hit on Q3 earnings is expected to occur at its sheet mills.
Also, the steel products segment’s earnings are expected to decrease in Q3’23 vs. the previous quarter “due to lower realized prices and volumes.”
Likewise, earnings for the raw materials segment are expected to fall from Q2’23. Nucor cited “margin compression at our DRI (direct-reduced iron) facilities and scrap processing operations.”
The company said it will release its Q3 earnings before the markets open on Tuesday, Oct. 24.
Ethan Bernard
Read more from Ethan BernardLatest in Steel Mills
U.S. Steel sues Algoma over iron pellet shipments
U.S. Steel is suing Algoma over the Canadian flat-rolled producer's rejection of iron pellet shipments, arguing it has breached its contract.
August US mill shipments slip but still higher than last year
The American Iron and Steel Institute reported a decline in the monthly shipments of US mills from July to August.
TransPod, Algoma, Supreme Steel linkup anchors Canadian steel in high-speed transit build
The three Canadian companies have announced a strategic partnership to support the development of an ultra-high-speed transit line from Edmonton to Calgary.
Metallus, USW agree to tentative four-year labor deal
Metallus and the United Steelworkers (USW) have agreed to a tentative four-year labor contract.
ArcelorMittal Dofasco resumes cokemaking after emergency maintenance
The Canadian steelmaker reported on Sept. 30 that “urgent maintenance” was needed in its coke plant off-gas systems. The work required coke oven gas from the No. 2 coke plant to be flared for most of that week.