Nucor Corp (NYSE:NUE) stock rose 2.82% (As on January 28, 11:23:54 AM UTC-4, Source: Google Finance) after the company reported a drop in fourth-quarter revenue and profit, as selling prices declined in its mills and products segments. The industry has been struggling as distributors have refrained from purchasing material in excess of their inventory amid a supply glut fueled by domestic production and imports. Average sales price per ton in the fourth quarter of 2024 decreased 3% compared with the third quarter of 2024 and decreased 10% compared with the fourth quarter of 2023. Approximately 6,058,000 tons were shipped to outside customers in the fourth quarter of 2024, a 2% decrease from the third quarter of 2024 and a 2% increase from the fourth quarter of 2023. Total steel mill shipments in the fourth quarter of 2024 decreased 1% compared to the third quarter of 2024 and increased 2% compared to the fourth quarter of 2023. Steel mill shipments to internal customers represented 19% of total steel mill shipments in the fourth quarter of 2024, which was unchanged from the third quarter of 2024 and decreased from 20% in the fourth quarter of 2023. Downstream steel product shipments to outside customers in the fourth quarter of 2024 decreased 4% from the third quarter of 2024 and the fourth quarter of 2023.

Moreover, the average scrap and scrap substitute cost per gross ton used in the fourth quarter of 2024 was $381, a 1% increase compared to $378 in the third quarter of 2024 and a 4% decrease compared to $397 in the fourth quarter of 2023. Overall operating rates at the Company’s steel mills were 74% in the fourth quarter of 2024 as compared to 75% in the third quarter of 2024 and 74% in the fourth quarter of 2023. At the end of the fourth quarter of 2024, Nucor had $4.14 billion in cash and cash equivalents and short-term investments on hand. The Company’s $1.75 billion revolving credit facility remains undrawn and does not expire until November 2026.

NUE in the fourth quarter of FY 24 has reported the adjusted earnings per share of $1.22, beating the analysts’ estimates for the adjusted earnings per share of 64 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue decline of 8 percent to $7.08 billion in the fourth quarter of FY 24, beating the analysts’ estimates for revenue by $7.24%.