Nucor Corp. reported Cold Finished Steel product sales, including fasteners, fell 15% to 99,000 tons in the opening quarter of 2024, down from 117,000 tons in the first quarter of the previous year.

Consolidated Nucor sales totaled $8.14 billion in Q1, up 6% to $7.7 billion in the fourth quarter of 2023 and down 7% from $8.71 billion in the first quarter of 2023.

Average sales price per ton increased 1% compared to the fourth quarter of 2023 and decreased 3% compared to the first quarter of 2023. A total of 6,224,000 tons were shipped to outside customers in the first quarter of 2024, an increase of 5% compared to the fourth quarter of 2023 and a decrease of 3% compared to Q1 of 2023.

Total steel mill shipments increased 7% compared to the fourth quarter of 2023 and decreased 2% compared to the first quarter of 2023. Downstream steel product shipments to outside customers fell 5% from the fourth quarter of 2023 and decreased 15% from the first quarter of 2023.

The average scrap and scrap substitute cost per gross ton used rose 6% to $421.

Overall operating rates at Nucor’s steel mills increased to 82% in the first quarter of 2024 compared to 74% in the fourth quarter of 2023 and 79% in the first quarter of 2023. Web: nucor.com