During the company’s second-quarter earnings call on Tuesday, chairman and chief executive officer Leon Topalian said the overhauled Gallatin plant in Kentucky increased its monthly profitability throughout the quarter and achieved its full run rate in June. 

“I'd like to congratulate our entire Gallatin team for their continued focus on safely bringing the facility to full run rate production, as well as taking care of our customers during this time,” Topalian said. 

Meanwhile, the company is continuing to bring up its Brandenburg, Ky., plate mill. 

“Our focus at Brandenburg in 2023 is on improving our capabilities rather than maximizing output. We spent the first half of the year dialing in the caster and downstream operations, and we're now producing finished products ranging in thicknesses from 1 to 12 inches,” Topalian said. 

“In the second half of '23, we expect to produce approximately 300,000 tons and turn profitable by year's end.” 

Also during the quarter, Nucor broke ground on its Lexington, N.C., rebar micro-mill. The is to enter service by early 2025.

"This highly efficient 430,000-ton bar mill will serve the growing construction markets throughout the Mid-Atlantic and Southeast regions, Topalian said. 

And in West Virginia, Nucor expects to begin construction on its planned sheet mill "in the coming weeks," Topalian said. An investment of about US$3.1 billion, it is Nucor's single largest investment ever. The mill will produce 3 million tons annually. 

Topalian said the company is now slightly more than halfway through a US$10 billion capital plan to grow core steelmaking operations. 

“Several of these investments are already generating incremental earnings and growing our share in key markets.” 

For the quarter ending 1 July, Nucor recorded net income of US$1.46 billion, or US$5.81 per diluted share, on net sales of US$9.5 billion. In the same quarter last year, Nucor reported net income of US$2.56 billion, or US$9.67 per diluted share, on net sales of US$11.8 billion. 

“Looking ahead, we believe steel market for the remainder of the year will remain healthy, driven by strong manufacturing investment and infrastructure spending. U.S. GDP growth forecasts for 2023 have been revised upward on multiple occasions in response to economic data that continues to demonstrate the resiliency of the U.S. economy,” Topalian said.