Nucor Corporation announced their highest second quarter earnings in the company’s history on Thursday, with consolidated net earnings of US$683.2 million, or US$2.13 per diluted share. This is more than double from the second quarter of 2017, where earnings were announced as US$323.0 million or $1.00 per diluted share.

John Ferriola, Nucor chairmen, chief executive officer and president, said in a statement that the company has increased its workforce by 18% and invested US$8 billion since 2008. “Now, against the backdrop of a strong market and economy, we are capitalizing on those investments to move up the value chain and profitably grow our company. Our financial performance over the last six quarters demonstrates our continued operational excellence and the success of our long-term strategy.”

Nucor remains confident about the upward trend continuing, forecasting earnings to improve again in the third quarter based on growth at their sheet and plate mills. In May, Nucor announced a new US$240 million investment to build a new galvanizing line at their sheet mill in Arkansas.

The stock market was somewhat indifferent to Nucor’s announcement, with their stock falling 1.4% to 64.68 on Thursday.

Nucor’s announcement starts the second quarter steel earnings season. Additional announcements are expected by Steel Dynamics, Inc. on 24 July, AK Steel on 30 July, 2018 and United States Steel Corporation on 1 August 2018.

You can read Nucor’s statement here, and reaction to the announcement here and here.