Nucor Corporation

Nucor reported net earnings of $1.2 billion, or $5.04 per share, and adjusted EPS of $4.84 after excluding a $0.20 noncash benefit from the Helion investment. EBITDA was approximately $2 billion. Segment pretax earnings were $1.6 billion for Steel Mills, $353 million for Steel Products, and $146 million for Raw Materials. Steel mills shipments reached a record 7.1 million tons, Steel Products volumes were up 11% versus Q1, and the company noted 35%+ sequential growth in Steel Mills pretax earnings and more than $75 million sequential growth in Steel Products pretax earnings. For capital allocation, Nucor returned $479 million to shareholders in the quarter, generated $829 million of free cash flow, ended with about $2.7 billion in cash and $3.4 billion of liquidity, and kept full-year capex guidance at about $2.5 billion, with roughly 60% aimed at growth projects. For Q3, management expects higher consolidated earnings, with Steel Mills helped by higher realized pricing and stable volumes, Steel Products benefiting from higher volumes and pricing, and Raw Materials declining on lower scrap margins and higher iron ore costs.

Leon Topalian emphasized safety, saying Nucor is on pace for both its safest summer and safest year, and he framed the quarter as proof of strong execution across the company. Strategically, he highlighted broad-based demand, record backlogs, and the benefits of trade enforcement and domestic-content policy in supporting U.S. steel. He was upbeat about Nucor’s multi-year growth platform, especially downstream expansion and “expand beyond” opportunities, while stressing that capital deployment will remain disciplined and accretive.

Jack Sullivan said Q2 earnings beat the midpoint of guidance by $0.29 per share, largely due to better-than-expected Steel Mills results, with Steel Products and Raw Materials also ahead of forecast. He highlighted $130 million of cash refunds in Steel Mills tied to prior raw-material procurement costs, $120 million of preoperating/start-up costs in the quarter, and noted those start-up costs should stay elevated through the rest of 2026 and all of 2027 as West Virginia ramps. On the balance sheet, he cited about $2.7 billion of cash, $3.4 billion of liquidity, and debt at 23% of capital, and said Nucor remains committed to returning at least 40% of net earnings to shareholders annually.

Analysts focused on why domestic sheet pricing and CSP remain firm despite import parity, and management said demand is the key driver, not speculative buying. Nucor pointed to low imports, reshoring, data centers, energy, auto production shifts, and service-center demand, while also saying CSP has reduced volatility and speculation. Questions also centered on Brandenburg utilization, West Virginia ramp timing, and the longer-term use of cash; management said Brandenburg should improve further, West Virginia is on time and on budget with first commercial shipments ramping in early 2027, and future cash will likely go toward disciplined M&A and downstream expansion if opportunities are accretive.