Nucor Corporation announced consolidated net earnings attributable to Nucor stockholders of $249.9 million, or $1.05 per diluted share, for the third quarter of 2024. Excluding non-cash impairment charges taken during the quarter, Nucor’s third quarter of 2024 adjusted net earnings attributable to Nucor stockholders were $353.0 million, or $1.49 per diluted share. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $645.2 million, or $2.68 per diluted share, for the second quarter of 2024 and $1.14 billion, or $4.57 per diluted share, for the third quarter of 2023.
In the first nine months of 2024, Nucor reported consolidated net earnings attributable to Nucor stockholders of $1.74 billion, or $7.22 per diluted share, compared with consolidated net earnings attributable to Nucor stockholders of $3.74 billion, or $14.83 per diluted share, in the first nine months of 2023.
Nucor’s consolidated net sales decreased 8 percent to $7.44 billion in the third quarter of 2024 compared with $8.08 billion in the second quarter of 2024 and decreased 15 percent compared with $8.78 billion in the third quarter of 2023. Average sales price per ton in the third quarter of 2024 decreased 6 percent compared with the second quarter of 2024 and decreased 15 percent compared with the third quarter of 2023. A total of approximately 6,196,000 tons were shipped to outside customers in the third quarter of 2024, a 1 percent decrease compared with both the second quarter of 2024 and the third quarter of 2023. Total steel mill shipments in the third quarter of 2024 decreased 3 percent compared with the second quarter of 2024 and were comparable to the third quarter of 2023. Steel mill shipments to internal customers represented 19 percent of total steel mill shipments in the third quarter of 2024, compared with 21 percent in the second quarter of 2024 and 20 percent in the third quarter of 2023. Downstream steel product shipments to outside customers in the third quarter of 2024 decreased 6 percent compared with the second quarter of 2024 and decreased 11 percent compared with the third quarter of 2023.
In the first 9 months of 2024, Nucor’s consolidated net sales of $23.66 billion decreased 12 percent compared with consolidated net sales of $27.01 billion in the first nine months of 2023. Total tons shipped to outside customers in the first 9 months of 2024 were approximately 18,709,000 tons, a decrease of 3 percent compared with the first nine months of 2023, and the average sales price per ton in the first nine months of 2024 decreased 10 percent compared with the first nine months of 2023.
The average scrap and scrap substitute cost per gross ton used in the third quarter of 2024 was $378, a 5 percent decrease compared to $396 in the second quarter of 2024 and a 9 percent decrease compared to $415 in the third quarter of 2023. The average scrap and scrap substitute cost per gross ton used in the first nine months of 2024 was $399, a 7 percent decrease compared to $429 in the first nine months of 2023.
Overall operating rates at the company’s steel mills were 75 percent in both the third quarter and second quarter of 2024 and 77 percent in the third quarter of 2023. Operating rates in the first nine months of 2024 decreased to 77 percent as compared to 80 percent in the first nine months of 2023.
Published December 2024
