Issuing its second-quarter guidance, Nucor said it expects to report earnings in the range of US$8.75 to US$8.85 per diluted share, which would surpass the previous quarterly earnings record set in the fourth quarter of 2021. In that quarter, the company reported earnings of US$7.97 per diluted share.

“End-use market demand remains strong for steel and steel products, and we remain confident that 2022 will be another year of very strong earnings and cash flow for Nucor,” the company said.  

Nucor said earnings are being driven by increased profitability in its steel products segment, which is benefiting from robust demand in non-residential construction markets.

“In addition, the steel mills segment earnings are expected to strengthen due primarily to increased profitability at our bar, sheet and plate mills. Similarly, Nucor's raw materials segment is expected to generate increased profits in the second quarter due to relatively higher selling prices for raw materials,” the company said.