Nucor Corporation Announced Record Annual Results in 2022

SEATTLE (Scrap Monster): Nucor Corporation announced the safest and most profitable year in the company’s history in 2022.

The company announced consolidated net earnings of $1.26 billion, or $4.89 per diluted share, for the fourth quarter of 2022. This compares with consolidated net earnings of $2.25 billion, or $7.97 per diluted share, for the corresponding quarter a year before. The consolidated net sales recorded 16% year-on-year from $10.36 billion to $8.72 billion in Q4 last year.

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The total steel mill shipments in the fourth quarter of 2022 decreased 13% from the year before. It shipped around 5.738 million tons to outside customers during the quarter. Meantime, the steel mill shipments to internal customers represented nearly one-fifth of the total steel mill shipments.

For the full year 2022, the company reported consolidated net earnings of $7.61 billion, or $28.79 per diluted share. The earnings surpassed the previous record of $6.83 billion, or $23.16 per diluted share, in 2021.

Leon Topalian, Chair, President, and Chief Executive Officer, Nucor said that this is the fourth consecutive year the Nucor team has exhibited record-breaking safety performance. Commenting on its 2023 outlook, he noted that a number of demand drivers are seen gathering momentum.