Nucor guides to higher quarter-over-quarter Q1 profits

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

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.