Nucor Profits Leaped to Touch Historic Highs in Q1 2021

SEATTLE (Scrap Monster): Charlotte, N.C-based Nucor Corporation reported record quarterly earnings for the initial quarter of 2021.

The company reported record consolidated net earnings of $942.4 million, or $3.10 per diluted share, for the quarter. This compares with consolidated net earnings of $398.8 million, or $1.30 per diluted share for the prior quarter and $20.3 million, or $0.07 per diluted share for the similar quarter a year before.

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Nucor’s consolidated net sales increased by one-third to $7.02 billion in the first quarter of 2021. The average sales price per ton surged 25% over the previous year. The total quarterly shipments to outside customers, at 7.176 million tons, were down slightly from the year-ago quarter. The total steel mill shipments too were up by 11%. The overall operating rates of Nucor’s steel mills increased from 89% in Q1 2020 to 95% in first quarter of the current year, said the company press release.

Commenting on the result, Leon Topalian, President and CEO, Nucor said that the quarter was the most profitable in the company’s history. The earnings for Q2 2021 are likely to exceed current record. The current favorable demand environment will continue through the rest of 2021, he added.