Nucor Foresees Record Earnings in First Quarter 2021

SEATTLE (Scrap Monster): Nucor Corporation expects to generate record earnings during the initial quarter of 2021. The company foresees its net earnings for the quarter to exceed $900 million. This is in accordance with the latest trading update on quarterly performance published by the company.

The company’s sheet, plate, bar and structural mills are expected to report increased profitability during the quarter, as compared with the prior quarter. The mills are likely to witness increased shipment volumes and higher realized prices. Nucor expects profitability from downstream steel products segment to remain flat. Meantime, elevated raw materials selling prices are likely to result in significant improvement in the company’s raw materials segment performance during the first quarter of 2021.

The company cited the strong operating results in January and revisions to internal forecasts as the basis for the boosted result expectations. It is quite difficult to provide a precise guidance for the entire quarter at the moment, it added.

Leon Topalian, President and Chief Executive Officer, Nucor stated that the company is encouraged by positive economic trends and the robust demand across its markets. The first quarter 2021 results are expected to surpass the record quarterly earnings reported in 2008. The company will continue to remain focused on building on its momentum and delivering sustainable value creation for its stakeholders, he added.

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