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Steel News December 19, 2022 08:40:50 PM

Nucor Corporation Steel Sector Earnings to Post Notable Dip in Q4 This Year

Paul Ploumis
ScrapMonster Author
The largest decline in profitability is expected from sheet mills.

Nucor Corporation Steel Sector Earnings to Post Notable Dip in Q4 This Year

SEATTLE (Scrap Monster): Nucor Corporation announced guidance for its fourth quarter 2022 results.

The company expects Q4 2022 earnings to range between $4.25 and $4.35 per diluted share. This compares with the net earnings of $6.50 per diluted share in the sequential quarter of 2022 and $7.97 per diluted share in the corresponding year-ago quarter. Meanwhile, Nucor expects the full year 2022 earnings to exceed the record quarterly earnings of $23.16 per diluted share reported during 2021.

The company expects considerably lower earnings from steel mills segment in Q4 this year, in comparison with the prior quarter. The largest decline in profitability is expected from sheet mills. The bar mills shipments too are expected to be remain lower, mainly due to seasonal factors.

Meantime, Nucor anticipates its steel products segment to report strong earnings during the upcoming quarter. The reduced profitability from its DRI mills is expected to result in significantly lower earnings from its raw materials segment in Q4 this year, as compared with Q3 2022.

During Q4, the company has repurchased approximately 3.1 million shares at an average price of $130.30 per share.

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