Steel Mills
Nucor's Q4 earnings slip on lower prices
Written by Stephanie Ritenbaugh
January 29, 2024
Nucor Corp.
| Fourth quarter ended Dec.31 | 2023 | 2022 | % Change |
|---|---|---|---|
| Net sales | $7,705 | $8,724 | -12% |
| Net earnings (loss) | $785 | $1,256 | – 37% |
| Per diluted share | $3.16 | $4.89 | – 35% |
| Full year ended Dec.31 | |||
| Net sales | $34,714 | $41,512 | -16% |
| Net earnings (loss) | $4,525 | $7,607 | -41% |
| Per diluted share | $18.00 | $28.79 | -37% |
Nucor Corp. reported a decline in profits during the fourth quarter due to lower pricing and volumes.
The North Carolina-based company saw net earnings of $785.4 million during the final three months of 2023. That total is down compared to the $1.1 billion reported for the third quarter and the $1.2 billion for Q4’22.
Lower prices and volumes hit Nucor’s three operating divisions: steel mills, which make things such as sheet, plate, and rebar; steel products, which includes downstream offerings such as piling and fabrications; and raw materials, which includes its scrap recycling and direct-reduced iron (DRI) operations.
Nucor shipped 2.675 million short tons of sheet steel in Q4’23, a 16% year on year (y/y) increase. Plate shipments of 373,000 st were 1% lower y/y.
Planned outages at the company’s DRI facilities also dragged down earnings in the raw materials segment.
For the full year, Nucor reported consolidated net earnings of $4.5 billion, down from $7.6 billion in 2022, the company said in commentary released with earnings data after the market closed on Monday, Jan. 29.
Full-year sheet shipments of 11 million st and plate shipments of 1.8 million st were higher y/y by 7% and 11%, respectively.
Looking ahead, Nucor expects the first three months of 2024 will reveal a better bottom line.
Earnings in the steel mills segment are expected to rise due to higher average selling prices and volumes, particularly at sheet mills, Nucor stated, while earnings in the steel products segment are expected to drop due to lower average selling prices.
“We expect increased earnings in the raw materials segment in the first quarter of 2024 due to the increased profitability of our DRI facilities and our scrap processing and brokerage operations,” Nucor added.
Stephanie Ritenbaugh
Read more from Stephanie RitenbaughLatest in Steel Mills
Atlas completes Evraz NA deal, renames firm, and hires former USS exec as CEO
Atlas Holdings has completed its acquisition of Evraz North America (Evraz NA) and its subsidiaries.
ArcelorMittal: As tariffs slow global growth, Calvert could be a bright spot
ArcelorMittal expects less demand growth across most of the markets it operates in, including the US, because of President Donald Trump’s tariffs. But the Luxembourg-based steelmaker also thinks it stands to benefit from an increasingly regionalized world thanks to investments like the new EAF at its mill in Calvert, Ala.
Ternium posts solid Q2, expects further shipment growth
Latin American steel producer Ternium delivered a solid performance in the second quarter of 2025. Performance was driven primarily by higher realized steel prices in Mexico, even as shipment volumes declined slightly across its regional portfolio.
Algoma swings to loss on ‘unprecedented disruptions’ and trade barriers
Canada’s Algoma Steel saw a sharp loss in the second quarter amid a continued challenging market environment and “tariff uncertainties.”
Nucor eyes long-term gains amid strong demand and trade enforcement
Resilient demand across its steel product lines, combined with the continued ramp-up of key expansion projects, drove Nucor’s improved financial results and record-setting performance in the second quarter. That’s according to company executives speaking on an earnings conference call on Tuesday.