US-based steel producer Nucor Corporation has announced its financial results for the fourth quarter and the year of 2024. The company announced consolidated net earnings of $287 million for the fourth quarter of 2024, compared to consolidated net earnings of $250 million for the third quarter of 2024 and $785 million for the fourth quarter of 2023.
Nucor’s net sales decreased by five percent to $7.08 billion in the fourth quarter of 2024 compared to $7.44 billion in the third quarter of 2024 and decreased by 8 percent compared with $7.71 billion in the fourth quarter of 2023. Approximately 6,058,000 tons were shipped to outside customers in the fourth quarter of 2024, a two percent decrease both year on year and month on month. Total steel mill shipments in the fourth quarter of 2024 decreased by one percent compared to the third quarter of 2024 and increased by two percent compared to the fourth quarter of 2023.
For the full year of 2024, Nucor reported net earnings of $2.03 billion compared to net earnings of $4.53 billion in 2023. For 2024, Nucor’s consolidated net sales of $30.73 billion decreased by 11 percent compared with consolidated net sales of $34.71 billion reported for the full year 2023. Total tons shipped to outside customers in 2024 were approximately 24,767,000 tons, a decrease of two percent from 2023, while the average sales price per ton in 2024 decreased 10 percent from 2023.
As for the first quarter of 2025, the company expects earnings in the steel mills and steel products segments to be similar in the first quarter of 2025 as compared to the fourth quarter of 2024.
In addition, Leon Topalian, the CEO of the company, said, "While steel demand softened throughout 2024, market conditions are starting to improve and should gain momentum as we work our way into 2025. The US 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."