Nucor Corp. reported third-quarter earnings that beat Wall Street expectations as higher steel prices helped boost profits at the largest US steelmaker. The Charlotte, North Carolina-based company posted earnings of $5.80 a share, slightly above the $5.77 average estimate of analysts surveyed by Bloomberg. Net sales were $11.2 billion, topping expectations for $10.8 billion.
The company is one of the biggest beneficiaries of the Trump administration’s efforts to protect domestic metals producers. Stronger US steel prices as tariffs and other trade barriers constrain imports has allowed domestic producers to push through price increases. The gains have helped steelmakers offset elevated costs and uneven demand.
Nucor’s earnings beat helped counterbalance falling shares of steel producers on Monday after Reuters reported that the US and Canada were working on a deal to ease tariffs on Canadian steel. Any easing of levies threatens to pressure domestic price floors and reduce the competitive advantage companies like Nucor have enjoyed in 2026. The industry is also contending with uncertain demand from the construction and manufacturing sectors as well as the prospect of additional domestic supply from new and expanded mills.
The results also follow positive earnings from competitor Cleveland-Cliffs Inc., which surged last week after the steelmaker more than quadrupled its earnings from the previous year. US steel prices have climbed to their highest in more than four years as President Donald Trump’s tariffs restrict foreign supplies and boost domestic producers. Hot-rolled coil, a widely used steel product that serves as a US price benchmark, has risen to $1,292 a short ton, the highest since May 2022.
Nucor shares were little changed in post-market trading on Monday.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing