Nucor Corp.'s Steel Shipments Plunged 27% in Q2

The shipments to internal customers represented 21% of total steel mill shipments.

SEATTLE (Scrap Monster): Charlotte, N.C-headquartered Nucor Corporation announced results for second quarter of 2020.

The company announced consolidated net earnings of $108.9 million, or $0.36 per diluted share for the quarter. This compares with the consolidated net earnings of $20.3 million, or $0.07 per diluted share during the prior quarter and $386.5 million, or $1.26 per diluted share for the corresponding quarter in 2019.

The consolidated earnings during the first six months of the current year dropped to $129.2 million, or $0.42 per diluted share, upon comparison with $888.3 million, or $2.88 per diluted share in the first half of 2019.

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The company’s total steel mill shipments in Q2 plunged by 27% as compared with the prior quarter and by 18% from the year-ago quarter. The shipments to internal customers represented 21% of total steel mill shipments. Meantime, the downstream steel products shipment to outside customers dropped 12% from Q1 this year. Also, the overall operating rates of Nucor steel mills decreased from 89% to 68% over the previous quarter.

Leon Topalian, President and CEO, Nucor stated that the company is well positioned to navigate the economic uncertainties and subsequent challenges posed by the COVID-19 pandemic. The company has $3.04 billion in cash and cash equivalents and short-term investments on hand, he added.