Steel Mills

Nucor eyes long-term gains amid strong demand and trade enforcement

Written by Laura Miller


Resilient demand across its steel product lines, combined with the continued ramp-up of key expansion projects, drove Nucor’s improved financial results and record-setting performance in the second quarter. That’s according to company executives speaking on an earnings conference call on Tuesday.

Plate update

Nucor’s newest plate mill in Brandenburg, Ky., achieved record production and shipments and turned EBITDA-positive in the quarter. Over 20% of the plate group’s Q2 shipments came from Brandenburg-exclusive sizes. “Those are all records we expect to continue to break every quarter going forward,” noted Brad Ford, EVP of plate and structurals.

Executives touted the mill’s unique capability to produce complex and previously unattainable plate grades, enabling the broader plate group to access new markets, particularly in bridge construction and energy transmission.

Additionally, the mill has gained line pipe qualification for the LNG and oil markets, just in time to capitalize on the tailwinds from growing energy and infrastructure spending. This sector is expected to account for a larger portion of the company’s order book in the quarters ahead.

Ford emphasized “capability over capacity” when it comes to the Brandenburg mill, viewing it as a strategic differentiator in demanding segments such as military and infrastructure.

Sheet side

Nucor’s sheet group shipped nearly 3.1 million short tons (st) in Q2’25, marking another consecutive quarterly record for the segment.

The Gallatin sheet mill in Ghent, Ky., achieved a new monthly shipping high, with robust backlogs supporting continued strength, according to Nucor’s management team.

At quarter-end, Nucor’s sheet backlog was 15% higher than it was at the same period last year.

Average selling prices for sheet products remained stable throughout the quarter. Executives noted that pricing for hot-rolled coil has held within 5% of $900/st for 16 weeks.

Demand fundamentals across construction, energy, infrastructure, and data centers remain strong, according to executives on the call. They cited increased bidding and new orders tied to semiconductor facilities, transit projects, bridge contracts, and power transmission upgrades. Orders from the energy sector rose sharply, with shipments for transmission projects up 88% in H1.

Trade talk

Trade policy enforcement remains a key focus for Nucor.

Underscoring its commitment to holding the line against unfair trade, company executives voiced strong support for the Trump administration’s beefed-up Section 232 tariffs, as well as for the coated sheet and rebar trade investigations. (Nucor is a petitioner in both cases.)

“Affirmative determinations in these cases…are critical to ensuring a level playing field,” Leon Topalian, chair, president, and CEO, commented. He added that illegal imports remain elevated and require “vigorous enforcement.”

The administration’s evolving tariff policy “has been positive for the steel industry overall,” according to the company’s leader.

Capital investments continue

Nucor’s capital projects continue at pace, including a new rebar micro mill in Lexington, N.C., and the startup of a new melt shop at the Kingman, Ariz., bar mill.

Galvanizing operations in Alabama are scheduled to launch in Q4’25, while the Crawfordsville, Ind., coating complex and Berkeley, S.C., galvanizing line are expected to be completed in 2025 and 2026, respectively.

Nucor’s new West Virginia sheet mill in Apple Grove is now 60% complete, with full commissioning anticipated by the end of 2026.

Topalian emphasized the company’s readiness to capitalize on market opportunities, citing investments made over the past several years, such as the Brandenburg and Gallatin mills. With commissioning complete, their next goal is to ramp up and serve Nucor’s customer base, aiming to generate “stronger, sustainable, less volatile earnings for our shareholders.”

“The pent-up earnings power of Nucor is just now coming online … and will continue over the next month and years,” Topalian said.

Laura Miller

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