Nucor Corporation Q3 2026 Earnings Recap

Nucor shares rose 5.2% after earnings, as record steel shipments and higher steel-products pricing accompanied about $2.3 billion of EBITDA and $5.80 in EPS. The positive reaction came alongside management’s constructive demand outlook, though the West Virginia mill ramp is expected to carry elevated startup costs in 2027.

Key Takeaways

• Steel mill shipments topped 7.2 million tons, setting a record for the third consecutive quarter; the plate and bar groups also posted quarterly shipment records.
• Steel products earnings improved significantly: Joist and Deck shipments rose about 20%, while realized pricing increased $110 per ton.
• Nucor returned $629 million through dividends and buybacks in the quarter, bringing year-to-date returns to nearly $1.4 billion.
• West Virginia’s new sheet mill is commissioning equipment, with production ramp expected to begin in early 2027; startup costs are expected to remain elevated at levels similar to or higher than 2026.
• Management cited healthy domestic demand and finished steel imports down more than 13% year over year, while warning that imports have risen in recent months, including a surge from South Korea.