Nucor, America’s largest steelmaker, reported a first-quarter earnings surge that underscored the impact of US tariff policy on domestic steel producers. Earnings per share rose 382 per cent year-on-year.
Why it matters
Nucor’s results are a direct measure of how the 50 per cent Section 232 steel tariff, in place since June 2025, is reshaping the American steel market. Domestic producers are thriving while import volumes collapse.
The numbers
Net sales reached $9.5 billion, up 21 per cent from $7.8 billion in the same quarter last year. Net earnings attributable to shareholders hit $743 million, or $3.23 per diluted share, compared with $0.67 a year earlier.
The steel mills segment drove the beat, posting earnings before tax of $1.13 billion on a new quarterly shipment record of 3.39 million tons, a 14 per cent increase from a year ago.
Tariff effect
Hot-rolled coil prices recovered toward approximately $1,100 per short ton during the quarter. Foreign imports fell from about 25 per cent of US steel consumption in early 2025 to 14 per cent by late last year, and Nucor expects that level to hold or drop further in 2026.
Higher steel prices offset growing energy costs linked to the conflict in the Middle East.
Outlook
Nucor said it expects improved earnings across all three operating segments in the second quarter. The company cited stable domestic demand, continued pricing strength, and limited import competition as drivers.
Shares rose more than 3 per cent following the announcement.