Steel Mills

Lower prices, volumes to stifle Nucor’s Q4 earnings

December 14, 2023

Lower prices and volumes will impact Nucor Corp.’s earnings in the current quarter, the steelmaker said in fourth-quarter earnings guidance on Thursday, Dec. 14.

All three of the company’s product segments saw lower pricing and volumes this quarter, with the decrease in realized pricing expected to be most distinct at its sheet and plate mills.

Decreased selling prices and lower volumes in most product groups within the steel products segment will impact earnings, Nucor said.

Additionally, planned outages at Nucor’s direct-reduced iron (DRI) facilities and lower raw materials pricing will hit earnings in the raw materials segment.

Charlotte, N.C.-based Nucor anticipates Q4 earnings to be between $2.75 and $2.85 per diluted share. This will be down notably from earnings of $4.57 per diluted share in the prior quarter, when net income amounted to more than $1.14 billion on sales of $8.77 billion, and down from $4.89 per diluted share in the year-ago quarter.

Nucor will issue its complete Q4 earnings statement after the market closes on Monday, Jan. 29, 2024.

Laura Miller

Laura Miller is a reporter and editor for Steel Market Update. She has held a variety of positions within the steel industry since 2007, including reporting and editing for Steel Business Briefing/Platts, the Association for Iron and Steel Technology, and Kallanish Commodities, as well as marketing for what was then known as ThyssenKrupp Steel USA (now AM/NS Calvert). After a five-year hiatus working across other industries, she returned to steel in 2021 and has covered the flat rolled, tubular, and trade areas of the industry. She is a member of the Association of Women in the Metal Industries and a past-president of the AWMI Pittsburgh Chapter. She holds a BA in Latin American Studies from Edinboro University of Pennsylvania. She can be reached at laura@steelmarketupdate.com or 724-759-7869.