Nucor Corporation announced consolidated net earnings attributable to Nucor stockholders of $156 million, or $0.67 per diluted share, for the first quarter of 2025. Excluding certain one-time charges taken during the quarter, Nucor’s first quarter of 2025 adjusted net earnings attributable to Nucor stockholders was $179 million, or $0.77 per diluted share. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $287 million, or $1.22 per diluted share, for the fourth quarter of 2024 and $845 million, or $3.46 per diluted share, for the first quarter of 2024.
Reflected in the first quarter of 2025 losses and impairments of assets are certain one-time charges totaling $29 million, or $0.10 per diluted share, related to the closure or repurposing of certain facilities.
“Despite recent financial market volatility, Nucor is seeing solid demand for the steel and steel products we manufacture. Our healthy balance sheet and diverse product portfolio position us well, even in uncertain times,” said Leon Topalian, chair, president and chief executive officer. “Our investment strategy continues to position Nucor as the premier North American steel producer, creating long-term economic value for our customers and shareholders.”
Nucor’s consolidated net sales were $7.83 billion in the first quarter of 2025, an 11 percent increase compared to $7.08 billion in the fourth quarter of 2024 and a 4 percent decrease compared to $8.14 billion in the first quarter of 2024. Average sales price per ton in the first quarter of 2025 decreased 2 percent compared to the fourth quarter of 2024 and decreased 12 percent compared to the first quarter of 2024. A total of 6,830,000 tons were shipped to outside customers in the first quarter of 2025, an increase of 13 percent compared to the fourth quarter of 2024 and an increase of 10 percent compared to the first quarter of 2024. Total steel mill shipments in the first quarter of 2025 increased 14 percent compared to the fourth quarter of 2024 and increased 10 percent compared to the first quarter of 2024. Steel mill shipments to internal customers represented 19 percent of total steel mill shipments in the first quarter of 2025, compared to 19 percent in the fourth quarter of 2024 and 21 percent in the first quarter of 2024. Downstream steel product shipments to outside customers in the first quarter of 2025 increased 8 percent from the fourth quarter of 2024 and increased 9 percent from the first quarter of 2024.
The average scrap and scrap substitute cost per gross ton used in the first quarter of 2025 was $394, a 3 percent increase compared to $381 in the fourth quarter of 2024 and a 6 percent decrease compared to $421 in the first quarter of 2024.
Pre-operating and start-up costs related to the company’s growth projects were approximately $170 million, or $0.56 per diluted share, in the first quarter of 2025, compared with approximately $164 million, or $0.53 per diluted share, in the fourth quarter of 2024 and approximately $125 million, or $0.39 per diluted share, in the first quarter of 2024.
Overall operating rates at the company’s steel mills were 80 percent in the first quarter of 2025, compared to 74 percent in the fourth quarter of 2024 and 82 percent in the first quarter of 2024.
Commitment to Returning Capital to Stockholders
During the first quarter of 2025, Nucor repurchased approximately 2.3 million shares of its common stock at an average price of $133.17 per share. As of April 5, 2025, Nucor had approximately $806 million remaining authorized and available for repurchases under its share repurchase program. This share repurchase authorization is discretionary and has no scheduled expiration date.
On February 18, 2025, Nucor’s board of directors declared a cash dividend of $0.55 per share. This cash dividend was payable on May 12, 2025 to stockholders of record as of March 31, 2025 and is Nucor’s 208th consecutive quarterly cash dividend.
Published July 2025