Nucor says Q3 not as buoyant as earlier quarters

Nucor Corp. says its expected third quarter 2022 earnings will be down by some one-third compared with a highly profitable second quarter.

The Charlotte, North Carolina-based electric arc furnace (EAF) and scrap recycling company expects third-quarter earnings to be in the range of $6.30 to $6.40 per diluted share. Nucor reported net earnings of $9.67 per diluted share in the second quarter of 2022 and $7.28 per diluted share one year ago in the third quarter of 2021.

“We expect the steel mills segment earnings to be considerably lower in the third quarter of 2022 as compared to the second quarter of 2022, due to metal margin contraction and reduced shipping volumes particularly at our sheet and plate mills,” the company says.

Nucor says its steel products segment is expected to have “another strong quarter in the third quarter of 2022.” Nucor says earnings in its raw materials segment, which includes its David J. Joseph network of scrap yards, “are expected to be similar to the second quarter of 2022.”

The company adds, “We continue to believe that 2022 will be the most profitable year in Nucor's history.”