Nucor Corporation manufactures and sells steel and steel products through three segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel, plate steel, structural steel products such as wide-flange beams and piling, and bar steel products including blooms, billets, and engineered special bar quality products. The Steel Products segment offers steel joists, steel decks, galvanized torque tubes for solar arrays, hollow structural section tubing, electrical conduit, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, steel grating, wire and wire mesh, metal building systems, insulated metal panels, steel racking, overhead doors, and utility towers and structures. The Raw Materials segment produces direct reduced iron (DRI), brokers ferrous and nonferrous metals, supplies ferro-alloys, processes scrap metal, and engages in natural gas production and industrial gas business. Nucor Corporation was founded in 1905 and is based in Charlotte, North Carolina.
Nucor's Profit Outlook Jumps on Higher Steel Prices and Solid Demand
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Q2 Earnings Guidance Beats Expectations Nucor expects Q2 earnings of $4.70–$4.80 per share, well above the $4.21 consensus and last year's $2.60. Higher steel prices, steady sales volumes, and $130 million in raw material refunds are driving the increase, signaling strong profitability ahead.
This is the main new event that directly boosts investor confidence in Nucor's near-term profits.
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Steel Prices Surge Above $1,100 per Ton Hot-rolled coil steel prices have climbed above $1,100 per ton, helped by tight supply, fewer imports due to tariffs, and firm demand. As a major producer, Nucor earns more per ton sold, which lifts its revenue and margins.
Higher steel prices are a key force behind Nucor's improved earnings and stock performance.
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Strong Demand from Construction, Infrastructure, and AI Data Centers Nucor benefits from healthy demand in non-residential construction, infrastructure, military, and energy. AI data centers are a new source of steel demand, with 831 projects under construction globally. This supports sales volumes and pricing.
Demand strength is a fundamental driver of Nucor's revenue and earnings growth.
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Analyst Warns Steel Rally May Be Peaking Morgan Stanley kept Nucor at Equal-weight, saying the steel price rally is near its peak and prices could fall in 2027–2028 as new supply and imports rise. This is a caution that future gains may be limited, even as current profits stay strong.
It provides a balanced view, highlighting a potential headwind that could cap Nucor's stock upside.
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Nucor's Q3 Profit Miss Overshadows Tariff Gains
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Q3 guidance falls short of Wall Street Nucor said Q3 profit will be $5.55-$5.65 a share, below the roughly $6.00-$6.20 analysts expected. Higher product costs and weaker raw materials results offset firm steel prices. The stock fell over 3% after hours, as investors worry near-term earnings are less strong than hoped.
This is the main new event of the period and directly explains why NUE moved down.
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Canada's retaliatory tariffs hit U.S. steel exports Canada's counter-tariffs took effect September 8, putting 15%-50% duties on about C$27.6 billion of U.S. goods, including steel. That makes Nucor's exports to Canada more expensive and can reduce sales there, a direct drag on results.
A new trade action that directly affects Nucor's export demand and pricing.
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Long-term growth plans carry execution risk Nucor's own plan targets $40.5 billion revenue and $4.5 billion earnings by 2029, but that requires big capacity investments to pay off. The Q3 miss sharpens focus on whether demand and pricing can support those projects, a risk that could cap the stock.
Adds the real counterweight: future growth depends on execution and demand holding up.
Q3 2026
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Nucor's Profit Doubles but Guidance Misses, Tariff Risks Mount
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Q2 Profit Nearly Doubles on Record Shipments Nucor's Q2 profit jumped to $1.156 billion, with revenue up 23% and record shipments of 7.1 million tons. Strong pricing and volumes drove the gains, showing robust demand for its steel.
This is the core positive event that drove Nucor's financial performance in the period.
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Tariff Enforcement and New Tariffs Support Pricing Aggressive enforcement of Section 232 tariffs cut finished steel imports from 23% to 16%, and a new 25% tariff on Brazilian steel further reduced foreign competition. This helped keep domestic steel prices high.
Tariff actions directly influenced Nucor's pricing power and competitive position.
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Q3 Guidance Misses Expectations, Shares Fall Nucor guided Q3 earnings to $5.55–$5.65 per share, below the $6.00–$6.20 consensus. The miss sent shares down over 3%, signaling that profit growth may be slowing.
This was a key negative event that directly impacted investor sentiment and the stock price.
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Berkshire Hathaway Halves Stake and Canada Tariffs Hit Berkshire Hathaway cut its Nucor stake in half, and Canada imposed retaliatory tariffs of 15%–50% on U.S. steel exports. These developments raised concerns about demand and investor confidence.
These events added significant negative pressure on Nucor's stock and outlook.
News & notes movingNUE
United States
Critical Materials & Supply Chain
Nucor and Steel Dynamics File to Intervene in FERC MISO Power Rules Case
Nucor and Steel Dynamics jointly filed a motion to intervene with the Federal Energy Regulatory Commission on the MISO footprint, seeking a formal voice in how electricity market rules apply within the MISO region. The filing puts power market design for large industrial users that rely heavily on MISO for long-term electricity needs in focus. Nucor, a US-based steel producer in the Metals and Mining industry with a market value of about $56.1b, said electricity rules inside the MISO footprint directly affect how its mills power energy-intensive steelmaking operations, tying the motion to core manufacturing costs. The company said the move lines up with an earnings story that leans heavily on new mills and downstream assets turning into steady cash generators, with power pricing and reliability feeding into the margin profile analysts are watching in the multi-year US$15b to US$20b capital program. The practical checkpoint is what comes out of this specific FERC proceeding, with investors watching for the next formal MISO or FERC filing that references Nucor or Steel Dynamics as intervenors and any decision laying out new tariff structures or market rules for large industrial users inside the MISO footprint.
NUE · Regulation · Neutral Nucor filed to intervene in FERC's MISO power rules case, seeking a voice in electricity market rules that affect its mills' power costs.
STLD · Regulation · Neutral Steel Dynamics jointly filed to intervene in the FERC MISO power rules case, seeking input on electricity market rules affecting its operations.
Trump to Announce $15 Billion Steel Mill in Iowa; Steel Stocks Fall
Steel stocks including Cleveland-Cliffs and Nucor fell after reports that President Trump will announce a plan by Minnesota-based Mesabi Metallics to build a steel mill in Iowa with $15 billion in investment. Cleveland-Cliffs was at 11.06, down 1.12 or 9.20%, while Nucor was at 243.50, down 3.75 or 1.52%. With November's midterm elections approaching and voter dissatisfaction over the economy mounting, the president is set to present the project as a major investment in domestic manufacturing. The mill could begin production as early as 2030 and support more than 1,700 jobs. Steel stocks appear to be selling off on concerns about worsening supply and demand.
Nucor Corporation forecast third-quarter earnings of $5.55 to $5.65 per share, guidance that fell short of Wall Street expectations and sent shares down more than 3% in after-hours trading on September 17. The outlook still marks a substantial increase from the $2.63 per share Nucor reported in the third quarter of last year, but it came in below analysts' expectations of approximately $6.20 per share. Nucor expects higher average selling prices to support earnings in its steel mills and steel products segments on higher volumes and higher average realized selling prices, but anticipates higher product costs that could limit the benefit, while its raw materials business is expected to be hurt by lower pricing and shipments and higher corporate expenses could also weigh on results. The company warned that global steel overcapacity and imports remain a significant industry risk, and that its earnings stay exposed to swings in key input costs. Hedge fund interest rose modestly in the second quarter, with 62 hedge funds holding positions versus 59 in the first quarter, though Berkshire Hathaway cut its Nucor stake by 53% to approximately $413.81 million and Slate Path Capital reduced its position by 39% to approximately $280.39 million. Short interest climbed from approximately 3.69 million shares as of July 31 to 4.11 million shares as of August 31, roughly 1.81% of the company's shares.
Nucor Guides Q3 Earnings to $5.55-$5.65 Per Share on Higher Steel Pricing
Nucor Corporation announced third-quarter 2026 guidance projecting earnings of $5.55 to $5.65 per share for the quarter ending October 3, up sequentially on improved steel pricing. The company said higher selling prices in its Steel Mills segment and higher volumes and higher average realized pricing in its Steel Products segment are driving the increase, partially offset by weaker performance in Raw Materials. Nucor reported net earnings per share of $5.04 and adjusted net earnings of $4.84 in the second quarter of 2026, and earnings of $2.63 per share in the third quarter of 2025. Results will also be weighed down by increased costs of products sold and the absence of the prior period's $130 million benefit from cash refunds related to raw material procurement costs. Nucor repurchased approximately 2.03 million shares during the quarter at an average price of $247.04 per share, bringing year-to-date capital returns to approximately $1.36 billion through share repurchases and dividend payments, and plans to release its third-quarter results on October 26, 2026.
Nucor Guides Q3 Earnings Below Wall Street Expectations
Nucor Corporation issued third-quarter earnings guidance of US$5.55 to US$5.65 per diluted share, a range that came in below Wall Street expectations even as management said steel demand and pricing remain firm. The company's board also declared a regular quarterly cash dividend of US$0.56 per share, payable on November 10, 2026, to shareholders of record as of September 30, 2026, marking Nucor's 214th consecutive quarterly payout. The guidance shortfall against analyst forecasts sharpens investor focus on near-term earnings visibility and on how resilient current steel demand and pricing really are, set against major capacity and product investments that carry execution and utilization risk. Nucor's narrative projects $40.5 billion in revenue and $4.5 billion in earnings by 2029, requiring 3.9% yearly revenue growth and a $1.6 billion earnings increase from $2.9 billion today, while some of the most optimistic analysts had assumed revenue of about US$44.8 billion and earnings of roughly US$5.1 billion a year.
NUE · Capital · Negative Nucor guided Q3 earnings to $5.55-$5.65 per share, below Wall Street expectations, sharpening focus on near-term earnings visibility.
Xenon plunges 27% on enrollment pause; Nucor and Steel Dynamics guide below consensus
Xenon Pharmaceuticals shares plunged 27% after the company paused enrollment in azetukalner studies for major depressive disorder and bipolar depression following reports of neuropsychiatric adverse events. Xenon said the events are consistent with the drug's known safety and tolerability profile and mechanism but had not previously been observed in its Phase 2 X-NOVA study in MDD, and it expects the pause to be temporary while it evaluates dosing adjustments; currently enrolled patients and those in open-label extension studies will continue treatment. The pause does not affect azetukalner studies in focal seizures or primary generalized tonic-clonic seizures, and Xenon has submitted an NDA to the FDA for focal seizures. Nucor fell 2% and Steel Dynamics fell 2% after both steelmakers issued Q3 earnings guidance below Wall Street expectations, with Nucor expecting Q3 earnings of $5.55-$5.65 per share versus the $5.99 consensus and Steel Dynamics expecting $5.34-$5.38 per share versus the $5.60 consensus. Intapp rose 3% after announcing a partnership with OpenAI to make Celeste, its expert AI coworker, available as a plug-in for ChatGPT Enterprise, with the plug-in available to eligible Intapp Celeste clients starting Thursday.
US Steel and Materials Stocks Swing as US-Canada Trade War Escalates to 50% Tariffs
Steel and materials stocks swung between rallies and pullbacks as the US-Canada trade relationship shifted from near agreement to open dispute, with the US imposing 50% tariffs on a wide variety of Canadian exports on August 22. Nucor Corporation and Cleveland-Cliffs Inc. rose on August 25 after talks between the two countries broke down, a reversal from the prior week when several of the same stocks fell on hopes a deal would lower steel and aluminum tariffs; the VanEck Steel ETF gained 1.6% that day while the State Street Materials Select Sector SPDR hit an intraday high, though by week's end the materials ETF had slipped to negative territory and the steel ETF was about flat, with both still substantially up for 2026. The escalation followed a Bloomberg report on August 19 that the US and Canada had tentatively agreed to cut tariffs on Canadian steel and aluminum to 25% and vehicle charges to 15%, before Canadian Prime Minister Mark Carney declared Canada officially "at war" with the United States and Ottawa announced counter-tariffs of C$27.6 billion on American goods, effective September 8 at rates of 15% to 50%. Moody's chief credit officer Atsi Sheth said, "Expect much more of this uncertainty for some time to come." Nucor, which relies primarily on scrap-based electric arc furnace steelmaking, is up more than 50% year-to-date, while the vertically integrated Cleveland-Cliffs remains negative for 2026 despite similar structural insulation, which analysts attribute to balance sheet stress rather than tariffs.
CLF · Tariff · Positive US 50% tariffs on Canadian exports and collapse of the deal to cut steel/aluminum tariffs benefit domestic steelmakers like Cleveland-Cliffs.
NUE · Tariff · Positive Nucor rose as the US-Canada trade talks broke down and 50% tariffs were imposed, shielding domestic steel from Canadian competition.
Canada's Retaliatory Tariffs on U.S. Goods Take Effect
Canada's retaliatory tariffs on U.S. goods took effect at 12:01 a.m. on September 8, imposing duties of 15%, 25%, and 50% on about C$27.6 billion ($20 billion) of U.S. imports, including steel, aluminum, dairy, appliances, agricultural equipment, pulp and paper, plastics, and electronics. The measures escalate an 18-month trade dispute following the collapse of negotiations between Ottawa and Washington, and come after the U.S. imposed new 50% duties on Canadian exports in August. U.S. companies to watch include Nucor, Steel Dynamics, Cleveland-Cliffs, Alcoa, Deere, Caterpillar, Whirlpool, Kraft Heinz, General Mills, Eaton, Emerson Electric, Honeywell, International Paper, Dow, LyondellBasell, General Motors, and Ford, among others. Bombardier faces added uncertainty after President Donald Trump threatened to block its aircraft from the U.S. market unless it manufactures in the U.S. The dispute could weigh on Canadian growth, exports, and business investment, with Canadian exports to the U.S. already falling 6.6% in July.
U.S. Steel Stocks Swing Amid U.S.-Canada Trade War
U.S. steel and aluminum stocks surged and then retreated last week as the escalating trade war between the United States and Canada sent investors scrambling to reprice exposure to North American metals supply chains. The State Street Materials Select Sector SPDR (XLB) reached a new intraday record on Monday, Aug. 25, but by Friday's close it had slipped into the red for the week, while the VanEck Steel ETF (SLX) was essentially unchanged. Through Aug. 28, SLX has gained more than 28% on the year and XLB more than 18%. The swing reflects the complexity of a trade war between two countries whose metals industries are deeply intertwined. Dan Luttner, managing partner of NEOS by Argon & Company, characterized the initial stock move as a repricing reflex rather than a durable signal, noting that Nucor and Cleveland-Cliffs use electric arc furnace technology with no dependence on Canadian ore or slab, positioning them to capture tariff-driven pricing benefits. However, Cleveland-Cliffs stock is in negative territory for 2026 due to balance sheet stress, and Century Aluminum remains exposed because its raw inputs largely still flow across the Canadian border. Atsi Sheth, chief credit officer at Moody's Ratings, said uncertainty will persist, while Scott Beaulier, a University of Wyoming economics professor, urged caution against drawing firm conclusions from early stock moves. Canada announced counter-tariffs on $27.6 billion worth of American goods last Tuesday, matching a 50% U.S. tariff on Canadian exports, with measures scheduled to kick in on Sept. 8. President Donald Trump has separately threatened to raise tariffs on Canadian autos, trucks, and steel to 50% on Jan. 1, 2027.
CENX · Tariff · Negative Century Aluminum remains exposed because its raw inputs largely still flow across the Canadian border amid the U.S.-Canada trade war.
CLF · Tariff · Neutral Cleveland-Cliffs' EAF technology avoids Canadian ore/slab dependence, positioning it to capture tariff-driven pricing benefits, but its stock is in negative territory for 2026 on balance sheet stress.
NUE · Tariff · Positive Nucor's electric arc furnace technology has no dependence on Canadian ore or slab, positioning it to capture tariff-driven pricing benefits.
Nucor Files Shelf Registration for Future Funding Flexibility
Nucor Corporation has filed an omnibus shelf registration with the SEC, allowing it to issue debt, common stock, preferred stock, or other securities as needed over time, without filing separate registrations each time. The filing is part of Nucor's broader capital strategy, which includes a reinvestment program of about US$860 million and plans for new mills and coating complexes. The shelf gives the company flexibility to raise capital efficiently when market conditions are favorable, potentially supporting its growth projects while managing its debt and equity mix. Investors should watch for actual draws on the shelf, such as bond offerings or equity raises, to gauge how Nucor intends to fund its operations and expansion.
Nucor shares have fallen 6.8% since the company reported second-quarter earnings that beat estimates, underperforming the S&P 500. The steelmaker posted adjusted earnings of $4.84 per share, surpassing the Zacks Consensus Estimate of $4.57, while net sales rose 23% year over year to roughly $10.4 billion, also beating expectations. The Steel Mills segment, a key part of Nucor's business, saw earnings jump 84.6% to $1.56 billion, while the Steel Products segment earned $353 million, down 9.9%, and the Raw Materials segment delivered $146 million, up 156.1%. During the quarter, Nucor repurchased about 1.53 million shares at an average price of $228.76 per share. Looking ahead, the company expects higher consolidated earnings in the third quarter, with Steel Mills and Steel Products improving but Raw Materials declining. Estimates have trended upward over the past month, and Nucor holds a Zacks Rank #3 (Hold).
Alibaba announced plans to issue new shares to raise over $10 billion for AI infrastructure investment, sending its Hong Kong-listed shares down more than 8%. The move comes after the company reported a 75% drop in profits, with capital spending weighing on the bottom line. Separately, US steel stocks rose after trade talks between the US and Canada collapsed, paving the way for 50% tariffs on Canadian imports, with analysts saying Steel Dynamics and Nucor stand to benefit most. Wells Fargo downgraded Canada Goose to underweight, citing tariff pressure on full-year earnings and sales risk from a warmer winter.
Artificial Intelligence › AI Data Center & Build-out ▲Capital
Energy Transition & Power Demand › Grid, Transmission & Power Equipment ▲Demand
Artificial Intelligence › Foundation Models & Research Labs ▼Capital
Energy Transition & Power Demand › Nuclear Generation & Utilities Demand
9988.HK · Capital · Negative Plans $10B share sale for AI infrastructure, shares fell 8%.
GOOS · Tariff · Negative Wells Fargo downgraded Canada Goose to underweight, citing tariff pressure on full-year earnings and sales risk from a warmer winter.
NUE · Tariff · Positive US-Canada trade talks collapse, 50% tariffs on Canadian imports benefit Nucor.
STLD · Tariff · Positive US-Canada trade talks collapse, 50% tariffs on Canadian imports benefit Steel Dynamics.
CLF · Tariff · Neutral US steel stocks rise on tariff news, but Cleveland-Cliffs not specifically mentioned.
United StatesCanadaUnited KingdomJapanSouth KoreaMexico
Critical Materials & Supply Chain▼2impact 4
US Poised to Cut Canadian Steel and Aluminum Tariffs to 25%, Autos to 15%
The United States and Canada are close to a trade deal that would lower tariffs on certain steel and aluminum imports from 50% to 25% and reduce tariffs on Canadian auto imports to 15% from 25%, according to a Bloomberg report on August 20, 2026, citing sources close to the negotiations. Details are still being finalized and may not apply to all goods at the same rate. Some downstream products could still face different tariff levels. The progress comes after President Donald Trump said the US had reached a deal with Canada and temporarily suspended the 50% tariffs to allow talks before a Friday deadline. The proposal under discussion would give Canada terms similar to those for the United Kingdom, which received 25% steel tariffs, and Japan and South Korea, which received 15% auto tariffs. Canadian Prime Minister Mark Carney said negotiators are moving toward the best possible deal for the country's strategic industrial sectors, but tariffs of 15% to 25% remain far above historical norms and could create domestic political pressure, as well as pressure on Mexico, which has not yet reached a deal with the US. Financial markets responded positively, with the Canadian dollar strengthening to around 1.3809 per US dollar, its strongest level since June 1. Algoma Steel Group shares jumped 16.6% in Toronto, while US steel producers such as Nucor fell 5.9% and Century Aluminum dropped 4.6%. Canada is the largest source of US aluminum imports, accounting for roughly half of total US consumption, but US industry groups are pressing against tariff cuts covering all products, warning that around 125,000 American aluminum industry jobs could be affected.
Berkshire Hathaway boosts Alphabet stake 83% in second quarter
Berkshire Hathaway significantly increased its Alphabet stake in the second quarter of 2026, raising its holdings by 83% to about 106 million shares. The position was worth nearly $38 billion at the end of June, making Alphabet the third-largest holding in Berkshire's U.S. stock portfolio, behind Apple and American Express. Berkshire also increased its stake in Delta Air Lines by 44% during the quarter, taking that position to about $5.4 billion as of June 30. The company initiated a new position in D.R. Horton and significantly increased its holdings in Lennar and Macy's, while roughly halving its stakes in Capital One and Nucor and trimming Bank of America and Kroger. Berkshire also repurchased $4.5 billion of its own shares, marking its largest quarterly buyback since 2021.
US replaces expired 10% global tariff with Section 301 duties on 60 countries
The temporary 10% global tariff expired on July 24 and was immediately replaced by new Section 301 duties covering the top 60 US trading partners at rates of 10% to 12.5%. Those countries account for roughly 99.4% of all US imports. The legal shift from emergency powers to Section 301 of the Trade Act of 1974 makes the tariffs far harder to overturn in court, signaling they could become a lasting feature of the investment landscape. Nations that adopted or committed to forced-labor import bans pay 10%, while the other 46 pay 12.5%. The market reaction has been muted because the new rates roughly match what was already in place, but structurally a 10% to 12.5% charge on nearly all imports is now a standing cost of doing business.
Nucor declares 213th consecutive quarterly dividend as earnings double
Nucor Corporation declared a US$0.56 per share cash dividend, its 213th consecutive quarterly cash dividend, payable on August 11, 2026 to shareholders of record on June 30. For the quarter ended July 4, 2026, the company reported sales of US$10,397 million and net income of US$1,156 million, with earnings per share from continuing operations roughly doubling year over year. The results reflect improved pricing conditions and shipment volumes feeding through to profitability.
Global Iron and Steel Casting Market to Reach USD 320.07 Billion by 2035
The global iron and steel casting market is projected to grow from USD 185.79 billion in 2025 to USD 320.07 billion by 2035, at a compound annual growth rate of 5.59%, according to a new report by Custom Market Insights. The market is expected to reach USD 196.17 billion in 2026. Growth is driven by rising demand for durable, cost-effective metal components in automotive, construction, machinery, and infrastructure sectors, along with technological advancements in casting processes. Gray iron castings held the largest product segment share in 2025, while North America and Asia Pacific are identified as key growth regions. The report covers segmentation by material type, casting process, application, end use, and region, and profiles major players including ArcelorMittal, POSCO, and Nucor Corporation.
Diamond Hill Capital says Nucor gained from reduced import competition and supportive trade policy
Diamond Hill Capital's Large Cap Strategy highlighted Nucor Corporation as a key performance contributor in its second-quarter 2026 investor letter. The strategy noted that shares of the US steel producer rose as reduced import competition and supportive trade policy strengthened pricing power for domestic producers, while solid shipment volumes supported improved earnings, particularly in its steel mills segment. Nucor closed at $257.29 per share on July 31, 2026, with a one-month return of 14.90% and a 52-week gain of 87.83%, giving it a market capitalization of $58.59 billion. The Large Cap Strategy returned 3.42% net of fees for the quarter, trailing the Russell 1000 Value Index's 13.87% gain, as limited exposure to AI beneficiaries weighed on relative performance.
Ten of 13 S&P 500 materials stocks beat earnings estimates this week
Ten of the 13 S&P 500 materials companies that reported quarterly results this week surpassed earnings expectations, while three fell short, and 12 beat revenue forecasts. The State Street Materials Select Sector SPDR ETF fell nearly 2% for the week, compared to the S&P 500's 1% rise. Among the reporters, Nucor easily beat adjusted earnings estimates and achieved record steel shipments of 7.1 million tons, while LyondellBasell Industries posted an earnings beat but missed on revenue. Corteva raised its full-year 2026 guidance on a profit beat, though quarterly revenue missed by $220 million, and Air Products and Chemicals lifted its annual and fourth-quarter adjusted EPS guidance after third-quarter results topped estimates. Linde also reported a beat, supported by 7% growth in quarterly operating profit. Next week, Albemarle and DuPont de Nemours are scheduled to report second-quarter results, with analysts expecting Albemarle to post earnings of $3.24 per share on revenue of $1.63 billion and DuPont to report earnings of $1.76 per share on revenue of $1.81 billion.
US Trade Deficit Narrows to $101.5 Billion as Tariffs Reshape Winners and Losers
The US goods trade deficit narrowed to $101.5 billion in June 2026, down from $105.9 billion in May, as imports fell but domestic factories have not yet filled the gap. Nucor reported a 92% surge in net income and a 72% stock gain over one year, with finished steel import market share dropping from 23% to 16% under Section 232 enforcement. Consumer sentiment collapsed from 61.7 to 44.8 over the same period, while Lowe's shares fell 11% and gross margin compressed 70 basis points. Union Pacific's intermodal revenue jumped 26%, but Old Dominion Freight Line saw a 7.7% decline in tons per day, signaling that lower imports have not yet translated into more domestic freight. Walmart and Lowe's are absorbing higher costs, with Walmart's inventory up 8.9% and Lowe's comparable sales up just 0.6%.
JFE Targets Growth Markets in the U.S. and India, Differentiating with High-Grade Steel
JFE Holdings is focusing its steel business on the United States and India. In the U.S., it operates two joint ventures with Nucor, the largest electric arc furnace steelmaker, and President Yoshihisa Kitano highlighted high-grade steel categories such as electrical steel sheets and automotive steel sheets as key areas. In India, JFE invested 270 billion yen in a subsidiary of JSW Steel, fully participating in the operation of a steel plant with an annual crude steel production capacity of 4.5 million tons, and is eyeing expansion to 10 million tons by 2030 and further to 15 million tons. India's per capita steel consumption is around 100 kilograms per year, and President Kitano sees future motorization and electrification as the keys to growth.
5411.JP · Demand · Positive JFE targets growth in U.S. and India, investing in JSW Steel and expanding capacity, driven by demand in motorization and electrification.
NUE · Demand · Positive JFE's U.S. JVs with Nucor focus on high-grade steel, indicating strong demand for Nucor's products.
STEEL · Demand · Positive Growth in steel demand in U.S. and India may support HRC futures prices.
Nucor rallies on strong quarter that CEO credits to Trump's aggressive tariffs
Nucor rallied 7.2% on Tuesday after easily beating second-quarter adjusted earnings estimates and reporting record steel shipments of 7.1 million tons. Net profit nearly doubled to $1.16 billion, or $5.04 per share, while revenue jumped 9% quarter-over-quarter and 23% year-over-year to $10.4 billion, driven by higher average selling prices and volumes in the steel mills segment. CEO Leon Topalian credited the Trump administration's Section 232 tariffs for the strong performance, saying vigorous enforcement of trade laws is curtailing unfairly traded steel imports. The company expects higher total earnings in the third quarter, with increased earnings in its steel mills and steel products segments, though raw materials earnings are expected to decline.
Nucor Reports Record Steel Mill Shipments and $2 Billion EBITDA in Q2 2026
Nucor Corp delivered a strong second quarter of 2026 with approximately $2 billion in EBITDA and earnings of $5.04 per share, or $4.84 per share on an adjusted basis. Steel mill shipments reached an all-time high of 7.1 million tons, marking the second consecutive quarter of record shipments, while steel products shipments increased 11% from the first quarter. The company returned $479 million to shareholders through dividends and share buybacks, representing 41% of net earnings of $1.2 billion. Capital expenditures were $571 million for the quarter, with full-year spending expected at $2.5 billion, and free cash flow hit $829 million, the strongest quarter since 2023. Nucor ended the quarter with $2.7 billion in cash and $3.4 billion in total liquidity, while total debt stood at 23% of capital.
Nucor Could Be 4% Undervalued After Q2 Results and Dividend Affirmation
Nucor could be 4.1% undervalued following its second quarter 2026 results and regular cash dividend affirmation, with a narrative fair value of $258.41 against a last close of $247.86. The company reported a significant capital reinvestment of $860 million, with two-thirds directed towards projects commencing operations within two years, expected to diversify and strengthen future earnings. Nucor's stock has returned 46.32% year to date and 73.80% over one year. On a price-to-earnings basis, Nucor trades at 24.3x earnings versus 18.7x for peers and 16.4x for the broader US Metals and Mining industry, while a fair ratio model sits at 25.4x.
Cadence Design, Rambus, Welltower lead after-hours stock moves on earnings beats and guidance raises
Several companies made notable after-hours moves following their latest earnings reports. Cadence Design Systems rose more than 4% after posting second-quarter adjusted earnings of $2.11 per share, beating the LSEG consensus of $2.05, while revenue of $1.58 billion met expectations. Rambus edged higher after reporting adjusted earnings of 77 cents per share on revenue of $207 million, exceeding analyst estimates of 72 cents and $198 million. Welltower jumped 4% after the senior housing real estate investment trust raised its full-year normalized funds from operations guidance to a range of $6.36 to $6.44 per share, above the FactSet consensus of $6.30. Universal Health Services dropped more than 4% after lowering its full-year adjusted earnings guidance to between $22.28 and $23.65 per share, down from a prior range of $22.64 to $24.52. Happen, the bank formerly known as LendingClub, advanced 4% after issuing full-year earnings guidance of $1.80 to $1.90 per share, surpassing the FactSet consensus of $1.74, and projecting loan originations of $12.2 billion to $12.6 billion. F5 gained nearly 2% after third-quarter adjusted earnings of $4.73 per share on revenue of $865 million topped the LSEG consensus of $4 per share and $388 million. Cincinnati Financial lost almost 4% after operating earnings of $1.43 per share missed the FactSet consensus of $1.84, and net premiums of $2.64 billion came in slightly below the expected $2.66 billion. Nucor dipped 1% despite beating second-quarter earnings and revenue expectations, with the stock already up more than 50% year to date. Principal Financial Group fell 3% even though operating earnings of $2.42 per share exceeded the FactSet consensus of $2.34, as the stock had already risen more than 25% this year.
Welltower, Cadence, Nucor Among 12 Companies Set to Report After-Hours Earnings on July 27
Twelve companies are scheduled to report quarterly earnings after the market closes on July 27, 2026. Welltower Inc. is expected to post earnings per share of $1.55, a 21.09% increase from the prior year, while Cadence Design Systems has a consensus forecast of $1.62, up 32.79%. Nucor Corporation is projected to report $4.57 per share, a 75.77% jump, and Celestica Inc. is seen earning $2.12, a 68.25% rise. Other notable reports include Cincinnati Financial with a forecast of $1.82, down 7.61%, and Amkor Technology at $0.47, more than doubling from last year. The full list also features Principal Financial Group, Brown & Brown, F5 Inc., Sun Communities, UDR Inc., and TFI International.
AMKR · Capital · Positive Earnings forecast of $0.47, more than doubling from last year, is positive for the stock.
BRO · Capital · Neutral Earnings report scheduled but no forecast or comparison given; impact unclear.
CDNS · Capital · Positive Consensus EPS forecast of $1.62, up 32.79% year-over-year, is positive.
CINF · Capital · Negative Earnings forecast of $1.82, down 7.61% from prior year, is negative.
FFIV · Capital · Neutral Earnings report scheduled but no forecast or comparison given; impact unclear.
NUE · Capital · Neutral Nucor is mentioned as one of 12 companies reporting earnings after hours, with a forecast of $4.57 EPS, up 75.77% YoY, but no actual results or market reaction are given.
AstraZeneca stock rises to kick off a busy earnings week
AstraZeneca and Nucor report earnings on Monday, kicking off a busy week that will see results from major companies including SK Hynix, Visa, Coca-Cola, Boeing, Ford, ExxonMobil, and Chevron. The main focus will be on Big Tech earnings on Wednesday and Thursday, with Microsoft, Meta Platforms, Apple, and Amazon following last week's reports from Alphabet and Tesla that sent the tech sector into a tailspin. Analysts estimate the S&P 500's year-over-year earnings growth rate for the second quarter will be 23.2%, above the five-year average of 16.4% and the 10-year average of 10.3%, according to FactSet data. If that holds, it will mark the second consecutive quarter of earnings growth above 20% for the index and the seventh straight quarter of double-digit growth.
NUE · Capital · Positive Nucor reports earnings on Monday, and the article notes strong expected S&P 500 earnings growth, which could be positive for Nucor if it meets expectations.
AZN.LSE · Capital · Positive AstraZeneca reports earnings on Monday, kicking off a busy earnings week; stock rises.
Nucor Investors Need $646,041 to Earn $500 Monthly From Dividends
Investors would need to hold approximately $646,041 worth of Nucor stock to generate $500 per month in dividend income, based on the steel producer's current annual dividend of $2.24 per share. That equates to about 2,679 shares, given Nucor's quarterly payout of 56 cents per share and an annual dividend yield of 0.93%. For a more modest target of $100 per month, an investment of roughly $129,256, or 536 shares, would be required. The calculation divides the desired annual income by the annual dividend per share, though the yield can fluctuate with changes in the stock price or dividend amount. Nucor is scheduled to report second-quarter earnings after the market closes on Monday, July 27, with analysts expecting earnings of $4.53 per share on revenue of $10.13 billion.
NUE · Capital · Neutral Article calculates dividend income based on current yield and mentions upcoming earnings report, but no news about dividend changes or earnings results.
Nucor to report Q2 earnings with consensus EPS of $4.53 and revenue of $10.13 billion
Nucor is scheduled to announce its second-quarter earnings results on Monday, July 27th, after market close. The consensus EPS estimate stands at $4.53, while the consensus revenue estimate is $10.13 billion, representing a 19.7% year-over-year increase. Over the past year, Nucor has beaten EPS estimates 75% of the time and revenue estimates 75% of the time. In the last three months, EPS estimates have seen eight upward revisions and zero downward revisions, with revenue estimates also seeing eight upward revisions and zero downward revisions.
U.S. Hits Brazil With 25% Section 301 Tariff, Affecting Nucor and Embraer
The U.S. Trade Representative imposed a 25% Section 301 tariff on many Brazilian imports effective July 22, citing unfair trade practices. The tariffs cover thousands of products but exempt coffee, beef, orange juice, and aerospace components. Nucor, North America's largest steel producer, may benefit if buyers shift to domestic sourcing, though steel demand still hinges on industrial activity. Embraer, which derives nearly 60% of its revenue from North America, saw civil aircraft and hundreds of aerospace-related products exempted, limiting direct impact, but prolonged trade tensions could weigh on investor sentiment toward Brazilian exporters.
Wells Fargo downgrades Kaiser Aluminum to Underweight on stretched valuation
Wells Fargo downgraded Kaiser Aluminum to Underweight from Equal Weight, trimming its price target to $158 from $160, citing a stretched valuation that has not fully reflected the decline in aluminum prices. Analyst Timna Tanners noted that Kaiser is a smaller beneficiary of favorable aluminum scrap spreads due to its lower scrap utilization relative to peers. While higher second-quarter LME aluminum prices may temporarily boost reported EBITDA through lagged non-cash metal benefits, that tailwind is expected to fade in the second half of the year on softer LME prices. Tanners also upgraded Ternium to Equal Weight from Underweight with a $45 price target, up from $43, pointing to improving conditions in Mexico, lagged price hikes from U.S. increases, and new capacity that should begin contributing in the second half of 2026 and into fiscal 2027. She added that steel prices may be near a peak but the recent sharp selloff in equities could be overdone, and Nucor remains her top pick in the group.
KALU · Capital · Negative Wells Fargo downgraded Kaiser Aluminum to Underweight and cut price target, citing stretched valuation and declining aluminum prices.
ALUMINUM · Supply · Negative Article notes decline in aluminum prices and softer LME prices expected in second half.
NUE · Capital · Positive Nucor is mentioned as Wells Fargo's top pick in the group, implying positive analyst sentiment.
Nucor Expects Q2 2026 GAAP EPS Between $4.70 and $4.80
Nucor provided its second-quarter 2026 earnings outlook, projecting GAAP earnings per share in the range of $4.70 to $4.80 and adjusted EPS between $4.50 and $4.60. The company's GAAP EPS was $2.60 in the second quarter of 2025. Nucor expects strong volumes and prices to benefit its quarterly earnings. The steel producer also noted it had returned $630 million to shareholders through dividends and share repurchases since the start of the year through June 17.
Nucor returned $1.2 billion to shareholders in 2025, nearly 70% of net earnings
Nucor Corporation returned around $1.2 billion to shareholders in 2025 through dividends and share repurchases, representing nearly 70% of net earnings. Returns to shareholders were $254 million in the first quarter of 2026, and roughly $630 million year to date through June 17, 2026. The company ended the first quarter with strong liquidity of about $3.2 billion, including cash and cash equivalents of around $2.2 billion, and generated cash from operations of $886 million. Nucor raised its quarterly dividend to 56 cents per share in December 2025, marking 53 consecutive years of increases, and remains committed to returning at least 40% of earnings to shareholders. Among peers, Steel Dynamics bought back $115 million in shares in the first quarter and raised its dividend 6% to 53 cents per share, while Commercial Metals repurchased $18.9 million in shares during its fiscal third quarter and held its dividend at 20 cents per share.
KeyBanc Upgrades Nucor to Overweight, Sets $274 Price Target
KeyBanc upgraded Nucor Corporation to Overweight from Sector Weight on June 24, setting a $274 price target. The firm expects real carbon steel demand to grow 2% year over year in 2026, while finished steel imports are projected to decline 15% compared with 2025. Analyst Samuel McKinney cited tight supply conditions with a virtually non-existent spot market and limited contract allocations, and views Nucor shares as compelling after a 10% decline over the previous six trading days. KeyBanc believes the historically tight domestic supply situation will support hot-rolled coil pricing through September. Earlier, on June 22, Morgan Stanley raised its price target on Nucor to $258 from $227 while reiterating an Equal Weight rating, noting that higher steel price expectations are already reflected in sector valuations.
NUE · Capital · Positive KeyBanc upgraded Nucor to Overweight with a $274 price target, citing tight supply and compelling valuation after a 10% decline.
VanEck Steel ETF Hits 52-Week High on AI Infrastructure Demand
The VanEck Steel ETF reached a new 52-week high earlier this month, driven by surging demand for steel in artificial intelligence infrastructure. The fund returned an average of 47.2% annually in 2025 and attracted $81.41 million in inflows over the past year, pushing assets under management above $203 million. AI data centers require heavy structural steel for server racks, reinforced flooring, and cooling systems, with 831 data center projects under construction globally as of March 2026. Despite a 0.3% year-over-year drop in global crude steel production in May 2026 and projected excess capacity of 745 million tons by 2028, the fund's top holdings like Nucor and Steel Dynamics operate modern electric arc furnaces that can adjust output while commanding premium prices for AI-grade steel. Near-term quantitative models assign a 65% probability of SLX outperforming the broader ETF universe, though risks include easing trade tariffs or a slowdown in AI capital spending.
Nucor Stock Rallies 46.9% Year to Date on Strong Demand and Higher Steel Prices
Nucor Corporation has seen its shares surge 46.9% year to date, outpacing the Zacks Steel Producers industry's 34.4% gain and the S&P 500's 8.9% increase, driven by healthy demand in non-residential construction, infrastructure, military and defense, and energy markets, along with higher U.S. steel prices. The Zacks Consensus Estimate for Nucor's 2026 earnings has been revised 30.1% upward over the past 60 days to $15.68 per share, implying a 103.4% year-over-year jump, while second-quarter 2026 estimates rose 31.6%. The company is advancing several growth projects, including a 3-million-ton-per-annum sheet mill in West Virginia expected to begin production in 2027, a 500,000-ton-per-annum galvanizing line in South Carolina, and a greenfield project in Utah on track for mid-2027, alongside recent acquisitions of Southwest Data Products and Rytec Corporation to expand its downstream portfolio. Nucor ended the first quarter of 2026 with roughly $3.2 billion in liquidity and generated $886 million in cash from operations, returning $254 million to shareholders in the quarter and approximately $630 million year to date through June 17, 2026, via buybacks and dividends. Benchmark hot-rolled coil prices have rebounded above $1,100 per short ton, supported by mill price increases, extended lead times, and reduced imports, which is expected to further boost margins for U.S. steelmakers including Nucor.
Morgan Stanley cuts Cleveland-Cliffs to Equal-weight, sees steel rally peaking
Morgan Stanley downgraded Cleveland-Cliffs to Equal-weight from Overweight, arguing that a supply-driven rally in U.S. steel prices is nearing its peak and that much of the benefit from elevated prices is already reflected in steel equities. The brokerage raised its near-term steel price forecasts after U.S. hot-rolled coil prices climbed to about $1,140 per short ton, supported by tight domestic supply, longer mill lead times, and higher import costs linked to Middle East disruptions, but it expects additional domestic production and rising imports to eventually ease the market, leading prices lower in 2027 and 2028. Morgan Stanley increased its price target on Cleveland-Cliffs to $12.50 from $12.00 but said the stock's roughly 50% rally since early April has left a more balanced risk-reward profile, with higher steel prices supporting near-term earnings but limited upside relative to peers. The bank now forecasts average hot-rolled coil prices of $1,112 per ton in 2026, $1,012 in 2027, and $900 in 2028, compared with previous estimates that were materially lower, and expects prices to remain elevated through the second half of 2026 before moderating as supply conditions normalize. Among North American steel producers, Morgan Stanley maintained an Overweight rating only on Commercial Metals Company, citing overly discounted concerns around new rebar supply, while keeping Equal-weight ratings on Nucor and Steel Dynamics and raising their price targets to $258 and $270, respectively. The firm also lifted its earnings forecasts across the sector to reflect stronger steel pricing, while cautioning that profitability is likely near a cyclical peak and could decline after 2027 as steel prices retreat from current levels.
Nucor Projects Second-Quarter Earnings Increase on Higher Prices
Nucor Corporation has issued second-quarter 2026 earnings guidance, projecting earnings per share between $4.70 and $4.80. Excluding a non-cash benefit related to its investment in fusion energy company Helion, adjusted EPS is expected to range from $4.50 to $4.60, up from $3.23 in the first quarter of 2026 and $2.60 in the second quarter of 2025. The company anticipates sequential growth across all three operating segments, with the steel mills segment seeing the largest increase due to higher average selling prices and stable volumes, aided by approximately $130 million in cash refunds tied to prior raw materials procurement costs. The steel products segment is expected to benefit from higher volumes and slightly improved pricing, while the raw materials segment should see gains from stronger realized prices. Nucor also continued returning capital to shareholders, repurchasing approximately 1.12 million shares at an average price of $223.47 and returning roughly $630 million through buybacks and dividends as of June 17, 2026.
A $1,000 Investment in Nucor 10 Years Ago Would Be Worth $4,842.70 Today
A $1,000 investment in Nucor made in June 2016 would be worth $4,842.70 as of June 19, 2026, representing a gain of 384.27 percent excluding dividends but including price increases. Over the same period, the S&P 500 returned 262.13 percent and gold returned 212.32 percent. Nucor, a leading U.S. steel producer headquartered in Charlotte, North Carolina, operates 123 facilities primarily in North America and is the continent's largest recycler, using scrap steel as its primary raw material. The company's first-quarter 2026 earnings and sales topped the Zacks Consensus Estimate, and analysts cite expansion projects, strong non-residential construction momentum, and higher steel prices as factors supporting further upside. Shares have gained 7.68 percent over the past four weeks, with six upward earnings estimate revisions for fiscal 2026 and none lower.
Steel Dynamics Expects Second-Quarter Earnings to Rise on Strong Demand and Higher Steel Prices
Steel Dynamics expects second-quarter 2026 earnings of $3.51 to $3.55 per share, up from $2.78 in the first quarter and $2.01 a year earlier, driven by significantly stronger profitability in its steel operations amid robust demand and expanding metal margins. The results include an estimated $16 million asset write-down tied to the relocation of a planned satellite aluminum recycled slab center from Arizona to Columbus, Michigan. Steel operations are projected to post meaningfully higher earnings as rising selling prices outpaced scrap raw material costs, with demand remaining strong across non-residential construction, energy, automotive and industrial markets. Metals recycling earnings are expected to be in line with the first quarter, while steel fabrication earnings are expected to decline sequentially due to higher steel input costs despite stronger shipments and a fabrication backlog that has risen nearly 40% from a year ago and extends into 2027. The aluminum segment is expected to deliver significantly improved earnings on higher shipments and stronger pricing, and the company repurchased $170 million of its common stock during the quarter.
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