Steel Mills
Nucor guides to higher quarter-over-quarter Q1 profits
Written by Ethan Bernard
March 14, 2024
Nucor said on Thursday afternoon it expects higher profits in the first quarter vs. the previous quarter but lower than a year earlier.
The Charlotte, N.C.-based steelmaker announced guidance for Q1’24 ended March 30 in the range of $3.55 to $3.65 per diluted share. This is up from earnings of $3.16 per diluted share in Q4’23 but off from $4.45 per diluted share in Q1’23.
Nucor said the steel mills segment’s earnings are anticipated to rise in Q1’24 “due to higher average selling prices and volumes, particularly at our sheet mills.”
Meanwhile, earnings in the steel products segment are expected to fall in Q1’24 “due to lower average selling prices and decreased volumes.”
“We expect earnings in the raw materials segment in the first quarter of 2024 to be comparable to the fourth quarter of 2023 as improved performance of our DRI (direct-reduced iron) facilities is offset by lower margins at our scrap processing operations,” the company said in a statement.
Nucor said it will release Q1’24 earnings after the markets close on Monday, April 22.
Ethan Bernard
Read more from Ethan BernardLatest in Steel Mills
USW seeks clarity on USS plans for Granite City Works
The United Steelworkers union has asked U.S. Steel to elaborate on its Granite City Works plans following reports that the steelmaker is ending processing at the facility.
Nucor maintains plate prices, opens October order book
Nucor aims to keep plate prices flat for a seventh straight month with the opening of its October order book.
ArcelorMittal Mexico to import from sister mills as it works to resume DRI production
ArcelorMittal has partially restarted operations at its direct reduction plant in Lazaro Cardenas, Michoacan. An explosion on Aug. 18 rocked the massive steelworks on Mexico’s Pacific coast, impacting production of direct-reduced iron (DRI).
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).