Market Segment
July 29, 2025
Nucor reports improved earnings, sales, and operating rates
Written by Laura Miller
Nucor Corp.
| Second quarter ended | July 5, 2025 | June 29, 2024 | Change |
|---|---|---|---|
| Net sales | $8,456 | $8,077 | 4.7% |
| Net income (loss) | $603 | $645 | -6.5% |
| Per diluted share | $2.60 | $2.68 | -3.0% |
| Six months ended | |||
| Net sales | $16,286 | $16,214 | 0.4% |
| Net income (loss) | $759 | $1,490 | -49.1% |
| Per diluted share | $3.26 | $6.14 | -46.9% |
Nucor reported a sharp sequential rebound in the second quarter, buoyed by improved pricing and strong shipments. But the steelmaker is bracing for a modest slowdown in the months ahead.
Charlotte, N.C.-based Nucor posted consolidated net earnings of $603 million in Q2’25, up nearly 286% from $156 million in the previous quarter. Sales rose 8% sequentially to $8.46 billion. Year over year, earnings dipped slightly from $645 million in Q2’24, while sales climbed 4.7%.
“Our team delivered a solid second quarter, with sequential earnings growth from all three of Nucor’s reporting segments,” Leon Topalian, chair, president, and CEO, said in Nucor’s earnings report Monday after markets closed. “We are encouraged by resilient demand across key end markets, a healthy order backlog, and recently enacted tax and trade policies that promote American manufacturing.”
Segment performance
Earnings for Nucor’s steel mills segment rose to $843 million in Q2’25, driven by higher average selling prices at its sheet and plate mills, the company said.
Operating rates at the company’s steel mills climbed to 85% in Q2’25 from 80% in the prior quarter and 75% in the year-ago quarter.
Total steel mill shipments held steady quarter over quarter at 6.47 million short tons, but rose 10% compared to the same period last year.
Steel products earnings rose sequentially to $392 million as shipments rose and costs eased.
The raw materials segment also strengthened, posting $57 million in earnings, largely due to improved margins in scrap operations.
Outlook
Nucor expects earnings in the current quarter to ease slightly due to margin compression in the steel mills segment. Steel products and raw materials earnings are projected to remain steady.
Despite the forecast dip, Nucor underscored its financial strength, highlighting $2.48 billion in cash on hand and undrawn credit facilities. Pre-operating costs related to growth projects totaled $136 million in Q2’25, down from $170 million in Q1’25.
