Nucor Corporation announced consolidated net earnings of $645.2 million for the second quarter of 2024, compared to consolidated net earnings of $844.8 million for the first quarter of 2024 and $1.46 billion for the second quarter of 2023.
Nucor’s consolidated net sales decreased 1 percent to $8.08 billion in the second quarter of 2024 compared to $8.14 billion in the first quarter of 2024 and decreased 15 percent compared to $9.52 billion in the second quarter of 2023.
The company said average sales price per ton in the second quarter of 2024 decreased 2 percent compared to the first quarter of 2024 and decreased 11 percent compared to the second quarter of 2023.
A total of approximately 6,289,000 tons were shipped to outside customers in the second quarter of 2024 compared to a 1 percent increase in the first quarter of 2024 and a 5 percent decrease compared to the second quarter of 2023, according to Nucor. Total steel mill shipments in the second quarter of 2024 were comparable to the first quarter of 2024 and decreased 2 percent compared to the second quarter of 2023.
Steel mill shipments to internal customers represented 21 percent of total steel mill shipments in the second quarter of 2024 compared to 21 percent in the first quarter of 2024 and 20 percent in the second quarter of 2023, Nucor said. Downstream steel product shipments to outside customers in the second quarter of 2024 increased 11 percent compared to the first quarter of 2024 and decreased 10 percent compared to the second quarter of 2023.
Overall operating rates at the company's steel mills decreased to 75 percent in the second quarter of 2024 compared to 82 percent in the first quarter of 2024 and 84 percent in the second quarter of 2023.
For an overall outlook, the decrease in earnings in the second quarter of 2024 compared to the first quarter of 2024 was the decreased earnings of the steel mills segment due to lower average selling prices and decreased volumes. Earnings in the third quarter of 2024 are also expected to decrease due to the lower average selling prices.