US steelmaker Nucor tops quarterly estimates on higher spot prices
April 28 (Reuters) - U.S. steelmaker Nucor Corp (NUE.N), opens new tab beat analysts' estimates for first-quarter revenue and profit on Monday, helped by strength in its mills segment operations.
The segment, which produces steel sheets, plates, bars and structural steel, reported a 10% rise in total shipments to 6.4 million tonnes.
Steelmakers benefited from a rise in spot prices of hot-rolled coil (HRC), the most actively traded form of finished steel, following an uptick in domestic demand after President Donald Trump raised tariffs for steel and aluminum imports.
This offset the impact from lower selling prices in Nucor's products segment and lower margins in its raw materials business.
"We expect earnings in the second quarter of 2025 to increase compared to the first quarter of 2025," Nucor said.
The company projected increases across all three of its operating segments, with the largest in the steel mills segment due to higher average selling prices at its sheet and plate mills.
The Charlotte, North Carolina-based company reported quarterly adjusted profit of 77 cents per share, beating analysts' estimates of 64 cents, according to data compiled by LSEG.
Total revenue was $7.83 billion, topping estimates of $7.23 billion.
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