Excluding a non-cash pre-tax gain of $61 million ($0.20 per diluted share) related to the increased value of its investment in fusion energy company Helion, adjusted net earnings totaled $1.11 billion, while adjusted diluted EPS came in at $4.84.
During the second quarter, Nucor generated net sales of $10.40 billion. Net earnings before noncontrolling interests reached $1.28 billion, while EBITDA totaled $2.02 billion.
For comparison, the company reported net earnings attributable to Nucor shareholders of $743 million, or $3.23 per diluted share, in the first quarter of 2026, and $603 million, or $2.60 per diluted share, in the second quarter of 2025.
Topalian: Steel mill shipments reached a record for the second consecutive quarter
Nucor Chairman, President and CEO Leon Topalian said investments across key sectors of the U.S. economy, together with supportive federal trade policies, enabled the company to achieve record steel mill shipments for the second consecutive quarter.
Topalian added that Nucor continues to expand its capabilities through strategic investments, strengthening its position as North America's market leader with the industry's most diversified portfolio of steel and fabricated steel products. He also thanked the company's more than 33,000 employees for contributing to what he described as the safest year in Nucor's history.
Steel mills segment drove earnings growth
The company said the q-o-q increase in earnings was primarily driven by the strong performance of its steel mills segment.
Higher average selling prices and increased shipment volumes supported profitability. In addition, the company benefited from approximately $130 million in cost reductions resulting from cash reimbursements related to raw material procurement costs from prior periods.
Within the steel products segment, higher shipment volumes and stable pricing supported earnings, while the raw materials segment benefited from higher average selling prices and increased shipment volumes.
Nucor also noted that the $61 million non-cash pre-tax gain recorded under marketing, administrative and other expenses resulted from the appreciation of its investment in Helion following the completion of the company's latest equity financing round during the second quarter.
Cash position reaches $2.69 billion
At the end of the second quarter, Nucor held $2.69 billion in cash, cash equivalents and short-term investments. The company had no borrowings under its $2.25 billion revolving credit facility, which remains available through March 2030.
Nucor maintained investment-grade credit ratings of A- from Standard & Poor's, A- from Fitch Ratings and A3 from Moody's, with all three agencies maintaining a stable outlook.
$479 million returned to shareholders
During the second quarter, Nucor repurchased approximately 1.53 million shares at an average price of $228.76 per share.
As a result, the company returned approximately $479 million to shareholders through share repurchases and dividends during the second quarter, bringing total capital returns for the first six months of 2026 to $733 million.
The board of directors also approved a quarterly cash dividend of $0.56 per share on June 9, 2026. The dividend will be paid on August 11, 2026, to shareholders of record as of June 30, 2026. The payment will mark Nucor's 213th consecutive quarterly cash dividend.
Positive outlook for the third quarter
Nucor expects consolidated earnings in the third quarter of 2026 to increase compared to the second quarter.
The steel mills segment is expected to deliver higher earnings, supported by stronger realized selling prices across all major product categories and stable shipment volumes.
The steel products segment is also expected to benefit from higher shipment volumes and improved pricing, while profitability in the raw materials segment is forecast to decline due to lower margins.
Steel mill shipments up 10% y-o-y
Total steel mill shipments reached 7.1 million mt in the second quarter ended July 4, 2026, up 1% from 7.05 million mt in the first quarter of 2026 and 10% from 6.47 million mt in the second quarter of 2025. Total steel mill shipments for the first six months increased 9% y-o-y to 14.15 million mt.
By product category, sheet shipments declined 3% quarter on quarter but increased 8% y-o-y to 3.29 million mt. Bar shipments rose 3% q-o-q and 11% y-o-y to 2.39 million mt. Structural steel shipments declined 3% quarter on quarter and 1% year on year to 628,000 mt.
Plate shipments recorded the strongest growth, rising 17% from the previous quarter and 25% y-o-y to 757,000 mt. Shipments of other products declined 23% quarter on quarter but increased 32% y-o-y to 37,000 mt.
During the first six months, steel sheet shipments increased 11% year on year to 6.69 million mt, steel bar shipments rose 6% to 4.7 million mt, structural steel shipments climbed 5% to 1.28 million mt, steel plate shipments increased 19% to 1.4 million mt, and shipments of other products rose 29% to 85,000 mt.
External sales volumes increased 12%
Total sales to external customers reached 7.61 million mt in the second quarter, up 2% from the first quarter and 12% year on year. During the first six months of the year, external sales volumes increased 10% year on year to 15.03 million mt.
Steel mill sales to external customers totaled 5.66 million mt in the second quarter, increasing 1% quarter on quarter and 12% year on year. First-half sales in this category rose 10% to 11.28 million mt.
Sales of joists and steel decking products increased 7% from the previous quarter but declined 9% year on year to 198,000 mt. First-half sales fell 4% to 383,000 mt.
Rebar sales increased 18% quarter on quarter and 12% year on year to 344,000 mt, while first-half sales rose 15% to 635,000 mt.
Tubular products sales climbed 6% from the first quarter and 39% year on year to 338,000 mt. First-half sales increased 28% to 656,000 mt.
Building systems sales rose 7% quarter on quarter but declined 8% year on year to 59,000 mt. First-half sales increased 2% to 114,000 mt.
Sales of other steel products increased 12% from the previous quarter and 11% year on year to 346,000 mt. First-half sales rose 7% to 656,000 mt.
Raw materials sales increased 2% quarter on quarter and 4% year on year to 661,000 mt. During the first six months of the year, raw materials sales rose 10% to 1.31 million mt.
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