Nucor Corporation has announced consolidated net earnings of $743 million for the first quarter of 2026, compared to consolidated net earnings of $378 million in the fourth quarter of 2025 and $156 million in the first quarter of 2025. Net sales for the first quarter of 2026 were $9.50 billion, compared to $7.69 billion in the fourth quarter of 2025 and $7.83 billion in the first quarter of 2025.
Average sales price per ton in the first quarter of 2026 increased three percent compared with the fourth quarter of 2025 and increased 12 percent compared with the first quarter of 2025.
Total steel mill shipments in the first quarter of 2026 reached 7,028,000 tons, a new quarterly record, representing a 19 percent increase from the fourth quarter of 2025 and a 9 percent increase from the first quarter of 2025. Steel mill utilization rose to 86 percent in the first quarter, compared to 82 percent in the fourth quarter of 2025 and 80 percent in the first quarter of 2025.
Approximately 7,427,000 tons were shipped to outside customers in the first quarter of 2026, a 20 percent increase from the fourth quarter of 2025 and a 9 percent increase from the first quarter of 2025. External average selling prices in the steel mills segment increased five percent sequentially to $1,074 per ton. Average scrap and scrap substitute costs rose to $403 per gross ton, up from $380 in the fourth quarter of 2025.
Steel mills segment earnings in the first quarter of 2026 increased significantly compared to the fourth quarter of 2025, driven by higher average selling prices and volumes across all product groups. Steel products segment earnings also improved due to increased volumes and stable average realized pricing. Raw materials segment earnings increased due to higher average selling prices and volumes.
Looking ahead, Nucor expects higher consolidated earnings in the second quarter of 2026 compared to the first quarter. In the steel mills segment, the expected increase is due to higher realized selling prices with stable volumes. In the steel products segment, improved earnings are expected from higher volumes on stable pricing. The raw materials segment is also expected to see increased earnings due to higher realized pricing.
Leon Topalian, Nucor's CEO, said, "Nucor teammates delivered a strong start to 2026, with our steel mills segment achieving a new quarterly shipment record. All three of our operating segments reported sequential earnings growth, driven by strong demand across key end markets, growing contributions from recent capital investments, and federal trade policies that continue to reduce the flood of unfairly traded imports into the United States. We enter the second quarter with real momentum, committed to executing our growth strategy, generating strong returns for our shareholders, and continuing our pursuit of becoming the safest steel company in the world."