Nucor Projects Higher Q3 Earnings on Improved Steel Pricing

NUE guided Q3 2026 earnings to $5.55–$5.65 per diluted share, a jump from $5.04 in Q2, driven by higher selling prices in its Steel Mills segment and improved volumes and pricing in Steel Products. The guidance signals strength in core steel operations despite expected weakness in the Raw Materials segment due to lower pricing and shipments.

The company repurchased 2.03 million shares during Q3 at an average price of $247.04, continuing its capital return program. The buyback pace and elevated share price reflect management confidence even as raw materials face headwinds.

Steel Mills pricing strength stands out as the primary driver of the sequential earnings increase, with the midpoint of guidance implying roughly 11% quarter-over-quarter earnings growth. Steel Products volume and pricing gains provide secondary support, offsetting the drag from weaker raw materials performance.