Nucor Corporation announced consolidated net earnings of $249.9 million for the third quarter of 2024, compared to consolidated net earnings of $645.2 million for the second quarter of 2024 and $1.14 billion for the third quarter of 2023.
Nucor’s consolidated net sales decreased 8 percent to $7.44 billion in the third quarter of 2024 compared to $8.08 billion in the second quarter of 2024 and decreased 15 percent compared with $8.78 billion in the third quarter of 2023.
The company said average sales price per ton in the third quarter of 2024 decreased 6 percent compared to the second quarter of 2024 and decreased 15 percent compared to the third quarter of 2023.
A total of approximately 6,196,000 tons were shipped to outside customers in the third quarter of 2024 compared to a 1 percent decrease in the second quarter of 2024 and the third quarter of 2023, according to Nucor. Total steel mill shipments in the third quarter of 2024 decreased 3 percent compared to the second quarter of 2024 and were comparable to the third quarter of 2023.
The company’s steel mill shipments to internal customers represented 19 percent of total steel mill shipments in the third quarter of 2024 compared to 21 percent in the second quarter of 2024 and 20 percent in the third quarter of 2023. Downstream steel product shipments to outside customers in the third quarter of 2024 increased 6 percent compared to the second quarter and decreased 11 percent year on year.
Overall operating rates at the company's steel mills were 75 percent in both the third quarter and second quarter of 2024 and 77 percent in the third quarter of 2023, while operating rates in the first nine months of 2024 decreased to 77 percent compared to 80 percent in the first nine months of 2023.
For an overall outlook, the quarterly decrease in earnings in the third quarter of 2024 was based on the lower earnings of the steel mills segment due to lower average selling prices and volumes. Nucor expects a decrease in earnings in the fourth quarter of 2024 as a result of lower earnings of the steel mills segment.