Published by:Robert England<>
29 Apr 2025 @ 19:37 UTC

Nucor reported a jump in shipping volumes in the first quarter, and despite recent market volatility, the steelmaker expects solid demand to continue, based on its growing backlog of orders.

We’re seeing steady-to-improving demand for steel among customers who are engaged in the reshoring, rebuilding and repowering of American industry, said Leon Topalian, chair, president and chief executive officer in an earnings call on Tuesday April 29.
Nucor is best positioned to supply these growing markets, as evidenced by our order books, which include projects like advanced manufacturing facilities, infrastructure projects, new hospitals, schools, airports, power plants and stadiums, the CEO said.
In the first quarter, we saw backlogs rise over 30% in our steel mill segments and rise nearly 25% in steel products, Topalian said. It’s hard not to be optimistic about Nucor’s future.
During the first quarter, Nucor steel mills shipped 6,463,000 short tons, up by 14% from the prior quarter and by 10% year on year, the company reported.
We recognize a portion of this may be pulled forward [from buyers seeking to get ahead of higher prices]. However, we continue to see very healthy order entry rates in relatively stable pricing, the CEO said.
The most pronounced increase in volumes came from the bar mill group, where shipments rose by 20% to 2.29 million short tons, the CEO said.
Plate shipments zoomed 40% higher to 577,000 tons, according to Steve Laxton, executive vice president and chief financial officer.
US President Donald Trump’s restoration of Section 232 tariffs has been critical to Nucor’s rising sales and improved outlook, the CEO said.
We’re also seeing an administration that seeks less regulation, a lower corporate tax rate, and has demonstrated a willingness to pivot and course correct as conditions evolve, Topalian said.
The CEO said that the full benefit of price increases announced during the first quarter will be seen in earnings for the second quarter.
We expect margins… to remain well above pre-pandemic levels, Topalian said.
Nucor reported net sales of $7.83 billion in the first quarter, with net earnings of $156 million, or $0.67 per diluted share.
Excluding one-time charges, Nucor’s adjusted net earnings were $179 million, or $0.77 per diluted share, which beat the company’s March 20 earnings guidance of $0.45-0.55 per diluted share.