Nucor Corporation announced consolidated net earnings attributable to Nucor stockholders of $287 million, or $1.22 per diluted share, for the fourth quarter of 2024. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $250 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 million, or $1.49 per diluted share.
Nucor reported consolidated net earnings attributable to Nucor stockholders of $785 million, or $3.16 per diluted share, for the fourth quarter of 2023.
For the full year 2024, Nucor reported consolidated net earnings attributable to Nucor stockholders of $2.03 billion, or $8.46 per diluted share, compared with consolidated net earnings attributable to Nucor stockholders of $4.53 billion, or $18.00 per diluted share, in 2023.
“I want to thank our teammates for making 2024 the safest year in Nucor history, during an active year of construction projects and ramp-ups that are advancing our growth strategy,” said Leon Topalian, chair, president, and chief executive officer. “While steel demand softened throughout 2024, market conditions are starting to improve and should gain momentum as we work our way into 2025. The U.S. economy is still on the front end of several steel-intensive megatrends and as America’s largest and most diversified steel producer, Nucor is well positioned to supply those needs.”
Financial Review
Nucor’s consolidated net sales decreased 5 percent to $7.08 billion in the fourth quarter of 2024 compared with $7.44 billion in the third quarter of 2024 and decreased 8 percent compared with $7.71 billion in the fourth quarter of 2023. Average sales price per ton in the fourth quarter of 2024 decreased 3 percent compared with the third quarter of 2024 and decreased 10 percent compared with the fourth quarter of 2023. Approximately 6,058,000 tons were shipped to outside customers in the fourth quarter of 2024, a 2 percent decrease from the third quarter of 2024 and a 2 percent increase from the fourth quarter of 2023. Total steel mill shipments in the fourth quarter of 2024 decreased 1 percent compared to the third quarter of 2024 and increased 2 percent compared to the fourth quarter of 2023. Steel mill shipments to internal customers represented 19 percent of total steel mill shipments in the fourth quarter of 2024, which was unchanged from the third quarter of 2024 and decreased from 20 percent in the fourth quarter of 2023. Downstream steel product shipments to outside customers in the fourth quarter of 2024 decreased 4 percent from the third quarter of 2024 and the fourth quarter of 2023.
For the full year 2024, Nucor’s consolidated net sales of $30.73 billion decreased 11 percent compared with consolidated net sales of $34.71 billion reported for the full year 2023. Total tons shipped to outside customers in 2024 were approximately 24,767,000 tons, a decrease of 2 percent from 2023, while the average sales price per ton in 2024 decreased 10 percent from 2023.
The average scrap and scrap substitute cost per gross ton used in the fourth quarter of 2024 was $381, a 1 percent increase compared to $378 in the third quarter of 2024 and a 4 percent decrease compared to $397 in the fourth quarter of 2023. The average scrap and scrap substitute cost per gross ton used in the full year 2024 was $394, a 6 percent decrease compared to $421 in the full year 2023.
Overall operating rates at the Company’s steel mills were 74 percent in the fourth quarter of 2024 as compared to 75 percent in the third quarter of 2024 and 74 percent in the fourth quarter of 2023. Operating rates for the full year 2024 decreased to 76 percent as compared to 78 percent for the full year 2023.
Published April 2025
