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Nucor Q3 Profit Surges 117% to $1.32 Billion on Stronger Steel Sales
Nucor Corporation reported a 117% year-over-year increase in third-quarter 2026 earnings, supported by higher steel selling prices and increased shipments. The U.S. steelmaker generated $11.25 billion in sales and expects fourth-quarter profitability to remain stable or improve modestly.
By Paul Ploumis
Published: October 27, 2026
Reporting quarter ended: October 3, 2026
Key Points
- Net earnings: ↑117% to $1.32 billion, or $5.80 per diluted share.
- Net sales: Reached $11.25 billion, up 32% year over year.
- Steel mills: Segment earnings rose to $1.788 billion from $1.556 billion in Q2.
- Fourth-quarter outlook: Earnings expected to remain in line with or modestly exceed Q3 levels.
SEATTLE (Scrap Monster): U.S. steelmaker Nucor Corporation reported a sharp increase in third-quarter earnings for 2026, driven by higher realized steel prices, increased shipments and strong performance across its steelmaking operations.
The company posted net earnings attributable to shareholders of $1.32 billion, or $5.80 per diluted share, for the quarter ended October 3, compared with $607 million, or $2.63 per share, a year earlier.
Net sales increased 32% to $11.25 billion, while earnings before interest, taxes, depreciation and amortization (EBITDA) reached $2.28 billion.
Compared with the second quarter of 2026, shareholder earnings increased from $1.16 billion, or $5.04 per diluted share.
Steel Mills Lead Earnings Growth
Nucor's steel mills segment generated $1.788 billion in earnings before income taxes and noncontrolling interests, compared with $1.556 billion in the previous quarter.
Higher average selling prices and increased shipment volumes supported the improvement, although rising production costs partly offset the gains.
The steel products segment also strengthened, with earnings increasing to $465 million from $353 million in Q2.
Raw materials segment earnings declined to $105 million from $146 million, reflecting lower selling prices and shipments.
ScrapMonster Edge: Steel Mill Profits Rise While Raw Materials Weaken
Nucor's results reveal an important difference between its steelmaking and raw materials businesses.
- Steel mills earnings: ↑14.9% quarter over quarter.
- Steel products earnings: ↑31.7%.
- Raw materials earnings: ↓28.1%.
The divergence shows that higher steel selling prices and shipment volumes supported mill profitability even as the company's raw materials operations reported weaker results.
For scrap market participants: The results provide insight into the economics of a major North American steelmaker and recycler. However, weaker raw materials segment earnings do not necessarily indicate lower scrap prices, since the segment includes other metallic raw-material activities.
Nucor Expects Stable to Stronger Q4 Earnings
Nucor ended the quarter with $3.64 billion in cash and short-term investments, maintaining a strong financial position.
The company also advanced major investments, including the first steel heat at its new West Virginia sheet mill in September and the startup of a second galvanizing line at Nucor Steel Berkeley.
Looking ahead, management expects fourth-quarter earnings to be broadly in line with or modestly above Q3 results.
Higher realized steel prices are expected to help offset seasonal shipment declines and rising costs. Raw materials earnings, however, are expected to soften slightly due to lower realized direct reduced iron (DRI) pricing.
Source: Nucor Corporation, Third-Quarter 2026 Financial Results, October 26, 2026.
