Nucor Corporation today announced consolidated net earnings of $2.10 billion for the first quarter of 2022, making it the most profitable first quarter in the company's history. By comparison, Nucor reported consolidated net earnings of $2.25 billion for the fourth quarter of 2021 and $942.4 million for the first quarter of 2021.
Nucor's consolidated net sales increased 1 percent to $10.49 billion in the first quarter of 2022 compared with $10.36 billion in the fourth quarter of 2021 and increased 50 percent compared with $7.02 billion in the first quarter of 2021.
Average sales price per ton in the first quarter of 2022 increased 2 percent compared with the fourth quarter of 2021 and increased 68 percent compared with the first quarter of 2021.
A total of 6,394,000 tons were shipped to outside customers in the first quarter of 2022, which was similar to the fourth quarter of 2021 and decreased 11 percent as compared to the first quarter of 2021.
Total steel mill shipments in the first quarter of 2022 decreased 1 percent as compared to the fourth quarter of 2021 and decreased 11 percent as compared to the first quarter of 2021.
Steel mill shipments to internal customers represented 22 percent of total steel mill shipments in the first quarter of 2022, compared with 22 percent in the fourth quarter of 2021 and 21 percent in the first quarter of 2021.
Downstream steel product shipments to outside customers in the first quarter of 2022 increased 7 percent from the fourth quarter of 2021 and increased 2 percent from the first quarter of 2021.
Overall operating rates at the Company's steel mills decreased to 77 percent in the first quarter of 2022 as compared to 89 percent in the fourth quarter of 2021 and 95 percent in the first quarter of 2021.
In a press release, the company said steel mill segment earnings in the first quarter of 2022 decreased from the fourth quarter of 2021, primarily due to the decreased profitability of the sheet mills. While end market demand remains strong, Nucor said, average realized selling prices in sheet softened during the first quarter reflecting increased import volumes coupled with modest destocking.
The steel products segment generated increased earnings in the first quarter of 2022 relative to the fourth quarter of 2021 due to continued strong nonresidential construction related demand and expanded profit margins, Nucor said. Earnings for the raw materials segment increased in the first quarter of 2022 as compared to the fourth quarter of 2021 due to improving selling prices for raw materials at the end of the quarter.
As for an outlook, the company said end use market demand remains strong for steel and steel products, and it remains confident that 2022 will be another year of very strong earnings and cash flow for Nucor. The company expects the second quarter of 2022 will be the most profitable quarter in Nucor's history, surpassing the previous record set in the fourth quarter of 2021.