Nucor Reports Record Earnings for Second Quarter of 2021
Nucor Nucor

Nucor Reports Record Earnings for Second Quarter of 2021

Nucor Corporation announced record quarterly consolidated net earnings of USD 1.51 billion for the second quarter of 2021. By

Nucor Corporation announced record quarterly consolidated net earnings of USD 1.51 billion for the second quarter of 2021. By comparison, Nucor reported consolidated net earnings of USD 942.4 million for the first quarter of 2021 and USD 108.9 million for the second quarter of 2020. In the first six months of 2021, Nucor reported consolidated net earnings of USD 2.45 billion, compared with consolidated net earnings of USD 129.2 million in the first six months of 2020.

Nucor's consolidated net sales increased 25% to USD 8.79 billion in the second quarter of 2021 compared with USD 7.02 billion in the first quarter of 2021 and increased 103% compared with USD 4.33 billion in the second quarter of 2020. Average sales price per ton in the second quarter of 2021 increased 20% compared with the first quarter of 2021 and increased 49% compared with the second quarter of 2020. A total of 7,482,000 tons were shipped to outside customers in the second quarter of 2021, a 4% increase from the first quarter of 2021 and a 37% increase from the second quarter of 2020. Total steel mill shipments in the second quarter of 2021 increased 3% as compared to the first quarter of 2021 and increased 41% as compared to the second quarter of 2020. Steel mill shipments to internal customers represented 20% of total steel mill shipments in the second quarter of 2021, compared with 21% in both the first quarter of 2021 and the second quarter of 2020. Downstream steel product shipments to outside customers in the second quarter of 2021 increased 9% from the first quarter of 2021 and increased 18% from the second quarter of 2020.

The average scrap and scrap substitute cost per gross ton used in the second quarter of 2021 was USD 457, a 13% increase compared to USD 405 in the first quarter of 2021 and a 61% increase compared to USD 284 in the second quarter of 2020. The average scrap and scrap substitute cost per gross ton used in the first six months of 2021 was USD 431, a 49% increase compared to USD 289 in the first six months of 2020.

Third Quarter of 2021 Outlook – Nucor expect earnings in the third quarter of 2021 to be the highest quarterly earnings in Nucor history, surpassing the record set in the second quarter of 2021. The primary drivers for the expected increase in earnings in the third quarter of 2021 are improved pricing and margins in the steel mills segment. We expect increased profitability across the steel mills segment, with the largest increase at our sheet mills. The steel products segment and the raw materials segment are expected to have increased earnings in the third quarter of 2021 compared to the second quarter of 2021

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