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Steel News October 22, 2021 06:00:58 PM

Nucor Corporation to Surpass Record Q3 Earnings in Q4

Paul Ploumis
ScrapMonster Author
All the three operating segments generated robust profitability in Q3 2021.

Nucor Corporation to Surpass Record Q3 Earnings in Q4

SEATTLE (Scrap Monster): Nucor Corporation announced record quarterly consolidated earnings of $2.13 billion or $7.28 per diluted share during the third quarter of the current year. This is considerably higher when compared with the net earnings of $193.4 million, or $0.63 per diluted share, for the third quarter of the previous year.

The company’s consolidated net sales surged higher significantly by 109% year-on-year to $10.31 billion. The average sales per ton were up by 86% over the previous year. The total shipments to outside customers during the quarter stood at 7.172 million tons. The steel mill shipments increased by 16% from Q3 2020. Shipments to internal customers represented 21% of the total steel mill shipments during the quarter.

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All the three operating segments generated robust profitability in Q3 2021. Earnings of the steel mills segment were boosted by higher realized steel prices. Higher average selling prices led to increased earnings by the steel products segment. Meantime, the raw material segment earnings were mostly flat over the sequential quarter.

Nucor expects Q4 earnings to exceed the net earnings set in Q3. The robust demand trend across most end-use markets is likely to continue in 2022 as well. While the company expects higher profitability from steel mills and steel products segments, it expects dip in earnings in raw materials segment.

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