"We currently expect our first-quarter 2021 results to significantly exceed Nucor's previous record for quarterly net earnings, set in 2008,” said Leon Topalian, Nucor's president and chief executive officer. "We are encouraged by positive economic trends and the robust demand we are seeing across our markets.”

Nucor said first-quarter realized steel prices and shipments are up as compared to the fourth quarter of 2020, and so are raw materials selling prices. 

Nucor said that although it is still early in the quarter, it is issuing the guidance now due to what it sees as an unusually large gap between its internal forecast and the current mean estimate for its first-quarter earnings. 

“Strong January operating results, as well as recent revisions to internal forecasts, reinforce Nucor's confidence in its expected results,” the company said.