Steel Mills

Nucor earnings slump in first quarter, but better times seen ahead

Written by Ethan Bernard

April 28, 2025

Nucor Corp.

(in millions of dollars except per share)
First quarter ended 20252024% Change
Net sales$7,830$8,137-3.8%
Net earnings (loss)$156$845-81.5%
Per diluted share$0.67$3.46-80.6%

Nucor’s profits fell precipitously in the first quarter, but the company has a rosier outlook for the following quarter.  

The Charlotte, N.C.-based steelmaker reported net earnings attributable to Nucor shareholders of $156 million, down 82% from $845 million a year earlier. Net sales fell nearly 4% to $7.83 billion in the same comparison.

“Despite recent financial market volatility, Nucor is seeing solid demand for the steel and steel products we manufacture. Our healthy balance sheet and diverse product portfolio position us well, even in uncertain times,” Leon Topalian, chair, president, and CEO, said in a statement on Monday after markets closed.

Total steel mill shipments in Q1’25 stood at 6.46 million short tons (st), up 14% from the previous quarter, and a 10% jump from a year earlier.

Nucor said that overall operating rates at its steel mills were 80% in Q1’25 vs. 74% in the fourth quarter, and 82% in the same year-earlier period.

Segment performance

Earnings for Nucor’s steel mills segment increased in the first quarter from the previous quarter, “primarily due to increased volumes.”

However, earnings in the steel products segment dropped sequentially because of lower average selling prices.

Nucor’s raw materials segment also logged a decrease quarter over quarter “due to lower margins at our scrap processing operations and direct-reduced iron facilities.”

Outlook

Nucor expects earnings in the second quarter to rise vs. Q1’25.

“Earnings in the second quarter of 2025 are expected to increase across all three of our operating segments, with the largest increase in the steel mills segment,” the company said.

Nucor cited higher average selling prices at its sheet and plate mills as the primary driver of the increase for the steel mills segment.

The earnings bump in the steel products segment is anticipated sequentially “due to increased volumes.”

Finally, Nucor said the raw materials segment is also expected to have higher earnings in the same comparison.

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.

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