Nucor’s steel shipments increased by 1pc to 6.5mn nt (5.9mn mt) in Q1 2021 compared to the same quarter in 2020. Sheet and bars led the upward shift with a rise of 2pc to 2.9mn nt and an increase of 3pc to 2.3mn nt, respectively. On the other hand, structural dropped by 9pc to 623,000nt, plate fell by 2pc to 596,000nt and other such as tubular dropped by 10pc to 79,000nt.
Raw materials sold to outside customers increased by 4pc to 779,000nt. Steel mill sales to outside customers trended only 8,000nt higher to 5.2mn nt. The average cost of scrap and scrap substitutes increased by 38pc to $405/gt in Q1 2021 compared to the same quarter in 2020.
Nucor’s net sales rose by 25pc to $7bn in Q1 2021 compared to the same year-ago quarter. Cost of products sold only increased by 8pc to $5.4bn in Q1 2021 against the same quarter in 2020. EBITDA increased eight-fold from $146mn in Q1 2020 to $1.3bn in Q1 2021 as net earnings were eighteen times higher to $942mn in the same time period.