Nucor earnings drop from early 2024 level

Nucor Corp., Charlotte, North Carolina, has reported consolidated net income of $156 million for the first quarter of 2025, down more than 80 percent compared with the $845 million it earned in the first three months of last year.

Its first-quarter 2025 net income figure, which equates to 67 cents per share, also is down 45.6 percent from the $287 million ($1.22 per share) it earned in the previous quarter as 2024 came to a close.

The recycled-content steelmaker and metals recycler cites certain one-time charges totaling $29 million (10 cents per diluted share) related to the closure or repurposing of certain facilities for part of the first-quarter decline.

In a guidance notice to investors issued last month, Nucor indicated those charges pertain to the closure of two facilities in its downstream steel products segment.

Nucor reports earnings in its Raw Materials segment, which includes its David J. Joseph Co. recycling operations, decreased in the first quarter of 2025 compared with the prior quarter given lower margins at its scrap processing operations and direct-reduced iron (DRI) facilities.

The company’s overall net sales in the recently completed quarter checked in at $7.83 billion, an 11 percent increase compared with $7.08 billion in sales in the prior quarter but a 4 percent decrease compared to $8.14 billion in sales made in the first quarter of 2024.

Nucor says its average scrap and scrap substitute cost per gross ton used in the first quarter of 2025 was $394, a 3 percent increase compared with $381 in the fourth quarter of 2024 but a 6 percent decrease compared with $421 in the first quarter of 2024.

The overall operating or capacity rate at its electric arc furnace (EAF) steel mills was 80 percent in the first quarter of 2025 compared with 74 percent in the fourth quarter of 2024 and 82 percent in the first quarter of last year.

“Despite recent financial market volatility, Nucor is seeing solid demand for the steel and steel products we manufacture,” Nucor President and CEO Leon Topalian says. “Our healthy balance sheet and diverse product portfolio position us well, even in uncertain times.”

Regarding the quarter now underway, Nucor expects earnings to rise again across all three of its operating segments, with the largest increase in the steel mills segment.

Nucor expects higher average selling prices at its EAF sheet and plate mills and accompanying earnings boosts within its Raw Materials and Steel Products segments this spring.

“Our investment strategy continues to position Nucor as the premier North American steel producer, creating long-term economic value for our customers and shareholders,” Topalian says.