Nucor sees multi-year strength in sheet and plate markets

Speaking on the company’s second-quarter earnings call, executives described a sheet market defined by broad-based demand, disciplined pricing behavior, and a structural shift in customer buying patterns.

“Underlying demand is strong, and we expect that to continue into 2027, led by energy, advanced manufacturing, and data centers,” said Noah Hanners, EVP of sheet products.

Sheet: Imports collapse, domestic demand surges

One of the most striking data points came from Hanners, who noted that US sheet imports have collapsed. He said US sheet imports totaled 9 million short tons (st) in 2024 but are on track to be closer to 4.5 million st this year. Combined with expected increases in anti-dumping and countervailing duty volumes, he said the shift creates “six and a half million tons of addressable market for domestic suppliers.”

Service center demand is also improving. “Service center shipments were up 10% in June year over year,” Hanners said, noting inventories remain “moderate to low.”

Executives emphasized customers are choosing domestic supply not because of price gaps, but because demand is so strong. Chair and CEO Leon Topalian said almost every product group area “is either at or near record backlogs, record order entry rates.”

He added that the current environment is “a very different condition” from the rapid, speculative price spikes seen in 2021-22.

Nucor credited its weekly CSP pricing mechanism for reducing volatility. “We do not see the speculation we typically would have seen at this point in the cycle… buying is reflective of supply and demand, not speculation,” Hanners commented.

Plate: Brandenburg unlocks new markets

Plate demand remains healthy even as consumption moderates from 2025 levels, said Steve Laxton, Nucor’s president and COO. This is supported by falling imports and Nucor’s expanded product capabilities. The Brandenburg plate mill in Kentucky shipped more than 230,000 st in Q2, a new record, and is rapidly qualifying new grades.

“Nearly a third of the shipments out of Brandenburg in Q2 were grades and sizes that were previously unavailable from the Nucor plate group,” commented Brad Ford, EVP of plate and structural. These include API line pipe—expected to reach 250,000 st in 2027—armor plate, ABS shipbuilding grades, and wide/long bridge plate.

Management said Brandenburg’s new capabilities are also driving companion tons across the broader plate group, contributing to record shipments and market share gains.

Steel mills: Record shipments and multi-year visibility

Nucor’s steel mills posted 7.1 million st of shipments in Q2’26, the second consecutive quarterly record. Backlogs continue to build, growing 18% quarter over quarter in Q2, according to a Q2’26 earnings presentation.

Sheet shipments reached 3,291,000 st in Q2’26, down 3% from the previous quarter but up 8% year over year (y/). Plate shipments of 757,000 st were 17% higher q/q and 25% higher y/y.

The company expects 2026 shipment growth to finish at the high end of its previously guided 5-10% range.

Flat rolled mill updates

Nucor remains on time and on budget with its greenfield West Virginia sheet mill. The company ran its first coil through the pickle line in June, and melt shop commissioning is underway. Commissioning of the hot and cold mills will begin later this year. Full commissioning is expected to be completed by the end of 2026. Commercial shipments are slated to begin early in 2027, and the company expects the mill to reach ~50% utilization by the end of 2027, with a steady ramp-up through 2028.

At the Nucor Steel Berkeley sheet mill, the company is constructing a second 500,000-st-per-year galvanizing line. Production startup is expected to begin in the fall.

In Crawfordsville, Ind., a new galvanizing line is ramping up, and the commissioning of a paint line is expected in the second half of 2026.

Outlook: Strong through 2027

Hanners said the demand drivers behind today’s sheet and plate strength are multi-year in nature. He pointed to data centers, energy infrastructure, advanced manufacturing, border fence projects, and reshoring in the automotive and consumer durables sectors.

With imports down sharply, new domestic capacity ramping up, and customers showing less speculative behavior, Nucor sees a fundamentally healthier flat-rolled steel market than in past cycles.

“The drivers that I’ve seen,” commented Topalian, “create a profile and a demand picture unlike I’ve ever seen in my career.”

Looking forward, “We see a really strong demand picture… and we are confident in our approach with CSP,” Hanners said, adding that “we have the best steelmaking team in the world hitting at a really high level right now. We feel good about 2026 going into 2027.”

Click here to read about Nucor’s Q2’26 financial performance.