Nucor Q3 Profit Jumps 117% as Steel Prices Rise
Nucor's third-quarter net earnings more than doubled year over year to $1.32 billion as higher steel selling prices and increased shipments strengthened its mill and downstream businesses.
- Net earnings: $1.32 billion, up 117% Y/Y.
- Diluted EPS: $5.80, versus $2.63 a year earlier.
- Net sales: $11.25 billion, up 32% Y/Y.
- Steel mills: Average external selling price rose 19% Y/Y to $1,233/ton.
- Mill shipments: Increased 12% Y/Y to 7.23 million tons.
- Q4 outlook: Nucor expects earnings to be generally in line with or modestly above Q3.
Nucor's Q3 results provide a clearer signal than the headline EPS comparison: its steel mills sold more tons at materially higher prices. Mill earnings before taxes rose to $1.79 billion from $793 million a year earlier, while average external mill pricing increased 19%. With Nucor continuing to raise its HRC spot offer after quarter-end, the key question heading into 2027 is how long constrained supply and trade barriers can support pricing as new domestic capacity comes online.
MONTREAL (SteelPrices): Nucor Corporation reported net earnings attributable to shareholders of $1.32 billion for the third quarter of 2026, up from $607 million in the corresponding quarter of 2025.
Diluted earnings reached $5.80 per share, compared with $2.63 a year earlier and $5.04 in Q2 2026.
Net sales increased 32% year over year to $11.25 billion, while EBITDA reached $2.28 billion.
Published analyst consensus figures differed by data provider, so SteelPrices is not characterizing the EPS result independently as either a beat or a miss. Revenue, however, exceeded the $10.84 billion FactSet estimate reported after the release.
Higher Steel Prices Drive Mill Earnings
Nucor's steel mills segment generated $1.788 billion in earnings before income taxes and noncontrolling interests, compared with $793 million in Q3 2025 and $1.556 billion in Q2 2026.
The company attributed the sequential improvement to higher average selling prices and increased volumes, partially offset by higher production costs.
The steel mills segment's average external selling price reached $1,233 per ton, up 19% from $1,038/ton a year earlier and 8% from Q2.
Total mill shipments increased 12% year over year to 7.23 million tons.
HRC Pricing Continues Higher After Quarter-End
U.S. hot-rolled coil pricing has continued to strengthen since Nucor's third quarter ended October 3.
For the week beginning October 26, Nucor raised its HRC Consumer Spot Price by another $15 per short ton to $1,270/st. California Steel Industries' CSP increased $20/st to $1,340/st.
Read: Nucor Raises HRC CSP Again to $1,270/Short Ton
The stronger pricing backdrop has been supported by constrained spot availability, relatively low inventories and reduced import competition.
Trade Policy Remains an Important Market Risk
Higher U.S. tariffs have restricted the economics of imported steel and supported domestic mill pricing, although tariffs are not the only factor influencing current HRC levels.
The policy environment remains fluid. Reuters reported on October 26 that the United States and Canada are discussing a potential agreement that could ease some U.S. tariffs on Canadian steel and automobiles.
No agreement had been announced at the time of publication.
Any material change in Canadian steel tariffs could affect import competition and domestic pricing, but the impact would depend on the final terms and covered products.
Read: Canada Steel Pivot Gains Ground as Domestic Demand Rises
Nucor Expects Q4 Earnings to Hold or Improve
Nucor expects fourth-quarter earnings to be generally in line with or modestly higher than Q3.
The company expects higher realised steel prices to offset seasonally lower volumes and higher costs in its steel mills business.
Steel products earnings are also expected to remain stable, while raw materials earnings are forecast to decline slightly because of lower realised direct-reduced-iron pricing.
The stronger Nucor results follow a similar improvement at Cleveland-Cliffs, which returned to profit in Q3 as selling prices and volumes increased.
Read: Cleveland-Cliffs Sees 2027 EBITDA Above $4B
Primary source: Nucor Corporation Q3 2026 Results
Additional reporting: Bloomberg; Reuters; FactSet.
Courtesy: GMK Center.
