Nucor Reports Results for the Second Quarter of 2025

Financial Performance - Nucor Corporation reported consolidated net earnings of $603 million, or $2.60 per diluted share, for Q2 2025, compared to $156 million, or $0.67 per diluted share, in Q1 2025, and $645 million, or $2.68 per diluted share, in Q2 2024 [1][8] - For the first six months of 2025, consolidated net earnings were $759 million, or $3.26 per diluted share, down from $1.49 billion, or $6.14 per diluted share, in the same period of 2024 [2] Segment Performance - Earnings before income taxes for the steel mills segment were $843 million in Q2 2025, up from $645 million in Q2 2024, while the steel products segment earned $392 million, down from $442 million [4] - The raw materials segment reported earnings of $57 million in Q2 2025, compared to $39 million in Q2 2024 [4] Sales and Shipments - Consolidated net sales increased by 8% to $8.46 billion in Q2 2025 from $7.83 billion in Q1 2025, and by 5% from $8.08 billion in Q2 2024 [5] - Approximately 6,820,000 tons were shipped to outside customers in Q2 2025, an 8% increase compared to Q2 2024 [5][6] Cost and Pricing - The average sales price per ton in Q2 2025 increased by 8% compared to Q1 2025 but decreased by 3% compared to Q2 2024 [5] - The average scrap and scrap substitute cost per gross ton used in Q2 2025 was $403, a 2% increase from $394 in Q1 2025 [7] Operational Efficiency - Overall operating rates at Nucor's steel mills increased to 85% in Q2 2025, up from 80% in Q1 2025 and 75% in Q2 2024 [11] - The company set a safety record in the first half of 2025 while achieving sequential earnings growth across all reporting segments [3] Financial Strength - Nucor had $2.48 billion in cash and cash equivalents at the end of Q2 2025, with a $2.25 billion revolving credit facility remaining undrawn [12] - The company maintains strong credit ratings in the North American steel sector [12] Shareholder Returns - During Q2 2025, Nucor repurchased approximately 1.8 million shares at an average price of $111.89 per share, with $606 million remaining authorized for future repurchases [13] - A cash dividend of $0.55 per share was declared, marking the 209th consecutive quarterly cash dividend [14] Future Outlook - Earnings in Q3 2025 are expected to be nominally lower than in Q2 2025, primarily due to anticipated margin compression in the steel mills segment [16]