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Nucor Reports Profitable Q4 — And a Very Safe 2024
01/29/2025 - Nucor Corp. posted a fourth-quarter profit and reported its safest year on record, saying that accomplishment came in the context of many active year construction projects and ramp-ups.
“We have the fewest number of recordable and reportable injuries on record, and our injury and illness rate declined for the seventh consecutive year. To my 32,000 team members, I’m extremely proud of your safety performance, especially since it has occurred through all phases of the economic cycle and during a period of rapid expansion for our company,” Nucor chairman and chief executive officer Leon Topalian said during the company’s fourth-quarter earnings call.
On the quarter, Nucor reported a profit of US$287 million, or US$1.22 per diluted share, on sales of US$7.08 billion. In the same quarter last year, the company reported net earnings of US$785 million, or US$3.16 per diluted share, on sales of US$7.71 billion.
“While steel demand softened throughout 2024, market conditions are starting to improve and should gain momentum as we work our way into 2025. The U.S. economy is still on the front end of several steel-intensive megatrends and as America’s largest and most diversified steel producer, Nucor is well positioned to supply those needs,” Topalian said.
Topalian also said the company is on track to complete construction of its new rebar micro-mill in Lexington, N.C., and the new meltshop for its Kingman, Ariz., bar mill.
“These new operations will allow Nucor to better serve infrastructure and construction markets in some of the fastest-growing regions in the nation,” he said.
In addition, he said the company is more than one-third of the way to completing its West Virginia sheet mill, its single largest capital investment.
“We’re nearly 40% of the way through the construction phase and remain on track to commission the mill by the end of next year. As this mill ramps up throughout 2027, it will begin shipping some of the cleanest and most advanced sheet steels in North America, targeting the automotive, construction, and industrial markets,” Topalian said.
On the quarter, Nucor reported a profit of US$287 million, or US$1.22 per diluted share, on sales of US$7.08 billion. In the same quarter last year, the company reported net earnings of US$785 million, or US$3.16 per diluted share, on sales of US$7.71 billion.
“While steel demand softened throughout 2024, market conditions are starting to improve and should gain momentum as we work our way into 2025. The U.S. economy is still on the front end of several steel-intensive megatrends and as America’s largest and most diversified steel producer, Nucor is well positioned to supply those needs,” Topalian said.
Topalian also said the company is on track to complete construction of its new rebar micro-mill in Lexington, N.C., and the new meltshop for its Kingman, Ariz., bar mill.
“These new operations will allow Nucor to better serve infrastructure and construction markets in some of the fastest-growing regions in the nation,” he said.
In addition, he said the company is more than one-third of the way to completing its West Virginia sheet mill, its single largest capital investment.
“We’re nearly 40% of the way through the construction phase and remain on track to commission the mill by the end of next year. As this mill ramps up throughout 2027, it will begin shipping some of the cleanest and most advanced sheet steels in North America, targeting the automotive, construction, and industrial markets,” Topalian said.
