Charlotte, North Carolina, April 28, 2026, 16:06 EDT
Shares of Nucor Corporation (NYSE: NUE) climbed Tuesday, with the Charlotte steelmaker logging a hefty profit jump for the first quarter. Nucor posted net earnings of $743 million, or $3.23 per diluted share—up from $156 million, or 67 cents, in the same period last year. The company also highlighted a new quarterly shipping record from its mills.
It’s a key point for U.S. steel producers, now working to prove that steadier prices, stricter tariffs, and limited supply are flowing through to their results. Nucor topped Wall Street’s revenue forecasts, Reuters said, helped by better average steel prices and increased volumes at its mills. U.S. steel companies also saw a lift from trade rules, geopolitical friction, and ongoing mill maintenance, all of which helped keep supply tight.
It wasn’t simply a steel sector surge. Nucor shares changed hands at $224.64, rising roughly 4.5%. Steel Dynamics managed gains of less than 1%. Cleveland-Cliffs, on the other hand, slid about 4%. That left Nucor’s rally looking driven by something specific to the company.
Net sales climbed to $9.496 billion, up from $7.687 billion in the prior quarter and $7.830 billion in the same period last year. EBITDA landed at $1.514 billion.
LSEG data cited by Reuters had analysts looking for $8.88 billion in quarterly revenue. Nucor posted $9.5 billion instead, with earnings per share climbing from the prior year’s 67 cents.
Leon Topalian, the chief executive, described the quarter as a “strong start to 2026,” highlighting that each of Nucor’s three operating segments grew earnings compared to the previous period. He cited demand, federal trade moves, and recent capital spending as factors behind the performance, adding that Nucor headed into the second quarter with “real momentum.” Nucor Investors
During Tuesday’s earnings call, Topalian pointed to Section 232 tariffs and tighter rules for steel derivatives — products that use steel — as moves that have narrowed a gap once exploited by exporters. “These measures are working,” he told Manufacturing Dive. Manufacturing Dive
Nucor’s steel mills turned in $1.128 billion in pre-tax earnings and noncontrolling interests—an increase from $516 million last quarter and $231 million this time last year. Steel products brought in $285 million, with raw materials contributing $45 million.
The profit jump didn’t come out of nowhere. Nucor’s slide deck showed steel mill shipments hitting 7.0 million tons—topping the previous best of 6.7 million tons from Q2 2021. External shipments and mill backlogs both climbed 20% over the fourth quarter. Mill utilization? Up by 400 basis points, landing at 86%. For reference, that’s four percentage points.
Nucor is projecting improved consolidated earnings for the second quarter, citing steady steel mill volumes, stronger realized prices, increased volumes in steel products, and a bump in raw-materials pricing. Its West Virginia sheet mill is still tracking to plan, both on schedule and within budget. Commissioning is slated through 2026, with production targeted for 2027.
Nucor wrapped up the quarter holding $2.48 billion in cash and short-term investments, with its $2.25 billion credit line untouched. The company said it repurchased roughly 0.7 million shares and still has $3.97 billion available under its buyback authorization, keeping the door open for more spending on projects and shareholder payouts.
But the setup isn’t all upside. Nucor’s latest presentation flagged a slate of risk factors: pressure from imports and substitute materials, shifting U.S. or foreign trade policies, volatility in steel and input prices, energy expenses, equipment breakdowns, and demand linked to nonresidential construction.
