Q1 2026 Nucor Corp Earnings Call Transcript
Key Points
- Nucor Corp (NUE) reported a strong start to 2026 with EBITDA of approximately $1.5 billion and earnings of $3.23 per share, a significant increase from the previous quarter.
- The company achieved record shipments of 7 million tons in the first quarter, the highest in its history, indicating strong operational performance.
- Nucor Corp (NUE) returned $254 million to shareholders through dividends and share buybacks, while reinvesting $661 million into the business, demonstrating a balanced capital allocation strategy.
- The company's steel mills backlog increased by 20% from year-end, reaching the highest level since the second quarter of 2021, reflecting strong demand.
- Nucor Corp (NUE) is making significant progress on its new sheet mill project in West Virginia, with key milestones expected to be achieved in 2026, positioning the company for future growth.
- Nucor Corp (NUE) faces ongoing challenges related to trade policies, including steel subsidies provided by the Canadian government and the use of North American channels as backdoors to domestic markets.
- The company experienced some margin compression in its steel products segment due to higher steel input costs, although this is expected to ease as the year progresses.
- Pre-operating and start-up costs totaled $108 million for the quarter, with expectations for these costs to trend higher as the West Virginia sheet mill nears completion.
- Energy costs, although only 10% of steelmaking costs, are rising, and the company is concerned about long-term power costs due to increasing demand from data centers.
- Nucor Corp (NUE) is cautious about potential shifts in market conditions that could impact utilization rates and market penetration for its new projects.
Good morning, and welcome to Nucor's first-quarter 2026 earnings call. (Operator Instructions)
I would now like to introduce Chris Jacobi, Director of Investor Relations. You may begin your call.
Thank you, and good morning, everyone. Welcome to Nucor's first-quarter earnings review and business update. Leading our call today is Leon Topalian, Chair and CEO; along with Steve Laxton, President and COO; and Jack Sullivan, CFO. Other members of Nucor's executive team are also here with us today and may participate during the Q&A portion of the call.
Yesterday, we posted our first quarter earnings release and investor presentation to Nucor's IR website. We encourage you to access these materials as we will cover portions of them during the call.
Today's discussion will include the use of non-GAAP financial measures and forward-looking information within the meaning of securities laws. Actual results may be different than forward-looking statements and involve risks outlined
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