Steel Mills

Nucor reports improved earnings, sales, and operating rates

July 29, 2025

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%

(in millions of dollars except per share)

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.

Laura Miller

Laura Miller is a reporter and editor for Steel Market Update. Since 2007, she has held various editorial and marketing positions with steel industry publications, associations, and mills. In 2021, after a five-year hiatus working across other industries, she returned to steel trade journalism, joining SMU in 2022. She is a member of the Association of Women in the Metal Industries and a past-president of the AWMI Pittsburgh Chapter. She holds a BA in Latin American Studies from Edinboro University of Pennsylvania. She can be reached at laura@steelmarketupdate.com or 724-759-7869.