Executive summary
- Nucor, the largest US steelmaker, reported third-quarter 2026 net earnings of $1.32 billion, or $5.80 a share, on 26 October. That compares with $1.16 billion in the second quarter and $607 million a year earlier. Sales rose 32% on the year to $11.25 billion.
- Price did most of the work. The average external price at Nucor’s steel mills was $1,233 a short ton, up 8% on the quarter and 19% on the year, while the cost of scrap rose 8% on the year. Pre-tax earnings at the mills were $1.79 billion, more than double the $793 million of a year earlier.
- Loharo calculation: Nucor’s sheet price of $1,189 a short ton, reported by Zacks, is about €1,170 a metric tonne. That is roughly €410/t, or 54%, above the €750–770/t ex-works at which Northwest European hot-rolled coil traded in the week to 23 October.
- The 50% US Section 232 duty closes almost all of that gap. European coil at €770/t would cost about $1,292/t once duty is paid, before freight, against about $1,311/t for Nucor sheet. For EU mills, the high US price is not an export opening.
What happened
Nucor published its results for the quarter to 3 October 2026 on 26 October (Nucor results release). Net earnings attributable to shareholders were $1.32 billion, or $5.80 per diluted share, and EBITDA was $2.28 billion. In the second quarter, net earnings were $1.16 billion, or $1.11 billion after removing a one-off gain on the company’s stake in the fusion-energy firm Helion. Sales were $11.25 billion, against $10.40 billion in the second quarter and $8.52 billion a year earlier.
The company said earnings at its steel mills rose on higher average selling prices and higher volumes, partly offset by higher costs. Mill shipments were 7.23 million short tons, 2% more than in the second quarter and 12% more than a year earlier. Plate shipments rose 32% on the year and bar shipments 14%, while sheet shipments rose 8% on the year and fell 1% on the quarter. Mill utilisation was 89%, against 91% in the second quarter and 85% a year earlier. The raw materials business, which includes direct reduced iron, earned less on lower prices and shipments.
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Advertise with LoharoChief executive Leon Topalian said the company had produced about $2.7 billion of free cash flow in the first nine months and returned nearly $1.4 billion to shareholders. He also pointed to the first heat at Nucor’s new sheet mill in West Virginia in September and the start-up of a second galvanising line at Nucor Steel Berkeley in South Carolina.
For the fourth quarter, Nucor expects earnings to be in line with or modestly higher than in the third. At the mills it expects higher realised prices to be offset by seasonally lower volumes and higher costs.
| Measure | Q3 2026 | Q2 2026 | Q3 2025 |
|---|---|---|---|
| Steel mills, external price ($ per short ton) | 1,233 | 1,145 | 1,038 |
| Same, $ per metric tonne (Loharo calc.) | ≈1,359 | ≈1,262 | ≈1,144 |
| Scrap and substitute cost ($ per gross ton) | 421 | 422 | 391 |
| Steel mills shipments (thousand short tons) | 7,231 | 7,100 | 6,428 |
| Steel mills utilisation | 89% | 91% | 85% |
| Steel mills pre-tax earnings ($ million) | 1,788 | 1,556 | 793 |
Key numbers
$1.32bn Q3 2026 net earnings, against $607m a year earlier FactNucor, 26 Oct 2026
+19% average steel mills price on the year, to $1,233 a short ton FactNucor, 26 Oct 2026
≈€1,170/t Nucor’s Q3 sheet price of $1,189 a short ton, in euros per metric tonne at the ECB rate of 1.1188 for 26 October Calc.Zacks via Yahoo Finance; ECB
€750–770/t Northwest European hot-rolled coil deals, ex-works, week to 23 October ReportedEUROMETAL (McCloskey by OPIS), 26 Oct 2026
≈$1,292/t EU coil at €770/t once the 50% Section 232 duty is paid, before freight and port costs Calc.Federal Register, Proclamation 11021
+32% plate shipments from Nucor’s mills on the year FactNucor, 26 Oct 2026
Fact = supported by the cited primary source or clearly attributed reporting/market assessment · Calc. = Loharo calculation from cited figures · Uncertain = an attributed claim not independently confirmed · Analysis = interpretation or forecast with sourced premises.
Why it matters
Analysis Nucor confirms what Cleveland-Cliffs showed a week earlier (our report on Cliffs’ quarter): US steel prices are high and still rising. Nucor’s sheet price of $1,189 a short ton, as reported by Zacks, is about $1,311 or €1,170 a metric tonne. That figure is an average across hot-rolled, cold-rolled and coated sheet, so it is higher than a plain hot-rolled coil price would be. Even so, it is about €410/t above the €750–770/t at which hot-rolled coil traded ex-works in Northwest Europe in the week to 23 October.
Analysis The gap does not mean European coil can go to the US at a profit. Since 6 April 2026 the US charges a 50% Section 232 duty on the full customs value of steel from any origin (Proclamation 11021, Federal Register). European coil at €770/t, about $862 at the ECB rate, would cost about $1,292/t with duty, or about $1,259/t at €750. That is only $19–52 below Nucor’s average sheet price before ocean freight, port and inland costs are added, and US buyers can get domestic steel with shorter lead times. Our Section 232 landed-cost guide works through a full example. This is a rough comparison with one average US price, not an offer for a specific product.
Analysis More US capacity is also coming. The new West Virginia sheet mill and the second Berkeley galvanising line add domestic supply of flat steel, which over time leaves less room for imports, including from Europe. Nucor’s guidance points to firm prices into the fourth quarter, so the US is unlikely to become a cheaper source of steel or a weaker export competitor for European mills in the near term.
Who is affected
- European flat-steel mills and traders: US prices are well above European ones, but the 50% duty removes almost all of the margin. The US is not a realistic outlet for surplus coil.
- European plate and long-product producers: Nucor’s plate shipments rose 32% on the year as it supplies more of its own market.
- US buyers of flat steel: the largest domestic mill expects higher realised prices in the fourth quarter.
- Global buyers comparing regional prices: the US average is a product mix, not a hot-rolled coil quote, so compare like with like before drawing conclusions.
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What to watch
- Nucor’s fourth-quarter results, to see whether earnings come in line with or modestly above the third quarter as the company expects.
- Ramp-up of the West Virginia sheet mill, which adds US sheet supply after its first heat in September.
- Any change to Section 232 duty rates or exemptions, which would change the landed-cost arithmetic for European coil.
- European hot-rolled coil prices, which EUROMETAL reported rising in the week to 23 October.
Verification status: Verified
- Results, shipments, prices, outlook and the chief executive’s remarks are checked against the Nucor results release of 26 October 2026; the headline figures also match the summaries by Zacks and Investing.com (where Investing.com gives a different year-earlier sales figure, we use Nucor’s own $8.52 billion). The sheet price of $1,189 a short ton is attributed to Zacks via Yahoo Finance, which reports it from Nucor’s figures. The European coil prices are attributed to EUROMETAL, citing McCloskey by OPIS. The Section 232 rate is checked against the Federal Register. All per-tonne, euro and duty-paid figures are Loharo calculations, using the ECB reference rate of 1.1188 dollars per euro for 26 October 2026. Last fact-check: 27 October 2026.
- Key: Verified = material factual claims are supported by an appropriate primary source or clearly attributed reporting/market assessments; Partially verified = a specific material claim remains unsupported, contradicted or materially overstated; Analysis = interpretation or forecast with sourced premises; Developing = material facts are checked but the situation is still changing.
Ask the Analyst
“600 t HRC from South Korea into the US in February 2027”: landed cost with duty, quota and CBAM in one answer.Ask the AnalystSources
Primary sources
- Nucor Reports Results for the Third Quarter of 2026 — Nucor, 26 October 2026
- Strengthening actions taken to adjust imports of aluminum, steel and copper into the United States (Proclamation 11021) — Federal Register, 9 April 2026
- Euro foreign exchange reference rates: US dollar — European Central Bank, 26 October 2026
Supporting sources
- Nucor (NUE) Reports Q3 Earnings: What Key Metrics Have to Say — Zacks via Yahoo Finance, 26 October 2026
- Nucor meets Q3 earnings expectations, revenue tops estimates — Investing.com, 26 October 2026
- European coil and green steel round-up — EUROMETAL (McCloskey by OPIS), 26 October 2026
