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Steel News July 23, 2021 04:00:15 PM

Nucor Consolidated Net Earnings Shot Up in Q2

Paul Ploumis
ScrapMonster Author
The average sales per ton in Q2 2021 increased by 49% compared to second quarter of 2020.

Nucor Consolidated Net Earnings Shot Up in Q2

SEATTLE (Scrap Monster): Nucor Corporation announced record quarterly consolidated net earnings of $1.51 billion or $5.04 per diluted share for the second quarter of 2021. This compares with consolidated net earnings of $942.4 million, or $3.10 per diluted share in the prior quarter and $108.9 million, or $0.36 per diluted share in the corresponding quarter a year before.

The average sales per ton in Q2 2021 increased by 49% compared to second quarter of 2020. The company shipped 7.482 million tons to outside customers, significantly higher by 49% year-on-year. The shipments to internal customers accounted for 20% of the total steel mill shipments. The total steel mill shipments surged 37% over the previous year, said the company press release.

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The consolidate net earnings totalled $2.45 billion, or $8.13 per diluted share in the initial six-month period of 2021, compared with $129.2 million, or $0.42 per diluted share in Jan-June ’20. The consolidated net sales surged higher from $9.95 billion to $15.81 billion. The average sales price per ton reported 37% surge, whereas the shipments to outside customers were up by 16% at 14.658 million tons.

All three operating segments- steel mills, steel products and raw materials, continued to generate robust profitability. Nucor expects to report its highest-ever quarterly earnings in Q3 this year.

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