US-based Nucor Corporation has announced consolidated net earnings of $1.16 billion for the second quarter of 2026, compared to $743 million in the first quarter of 2026, a 56 percent jump, and $603 million in the second quarter of 2025. Net sales for the second quarter were $10.40 billion, compared to $9.50 billion in the first quarter of 2026 and $8.46 billion in the second quarter of 2025. The company's adjusted EBITDA for the second quarter was $2.02 billion, compared to $1.51 billion in the first quarter of 2026 and $1.30 billion in the second quarter of 2025.
Second quarter reported earnings include two notable one-time items. The steel mills segment benefited from a $130 million reduction to cost of products sold related to cash refunds associated with prior periods' raw materials procurement costs. Additionally, a non-cash, pre-tax benefit of $61 million is included, related to an increase in the value of Nucor's investment in Helion, a fusion energy company, following a capital financing round completed in the second quarter. Excluding the Helion benefit, adjusted net earnings for the quarter were $1.11 billion.
Steel mill total shipments reached 7,100,000 tons in the second quarter, a second consecutive quarterly record, an increase of one percent quarter over quarter from 7,028,000 tons in the first quarter and an increase of 10 percent year over year. Mill utilization improved to 91 percent, up from 86 percent in the first quarter of 2026 and 85 percent in the second quarter of 2025. The external average selling price per ton in the steel mills segment increased seven percent quarter over quarter to $1,145 per ton. Average scrap and scrap substitute costs rose four percent quarter over quarter to $422 per gross ton.
For the third quarter of 2026, Nucor expects higher consolidated reported earnings. In the steel mills segment, higher realized pricing across all major product categories is expected with stable volumes. The steel products segment is expected to see increased earnings from both higher volumes and higher realized pricing. The raw materials segment is expected to have decreased earnings due to lower margins.
Leon Topalian, Nucor's chief executive officer, said, "Investment across key sectors of the US economy, combined with supportive federal trade policies, drove a second consecutive quarterly record for Nucor steel mill shipments. We continue to execute our growth strategy through investments to expand our capabilities and strengthen our position as the market leader with the most diverse portfolio of steel and fabricated steel products in North America.”
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