Charlotte-based Nucor posted a first-quarter net profit of nearly $2.1 billion in the first three months of the year, more than double its prior-year number, on net sales that climbed 50% to $10.5 billion. 

The company was able to limit increases in its cost of goods sold to about 30%, lifting its operating margin to nearly 28% versus 18.5% in early 2021 even though it shipped 11% fewer tons of product than early last year and 1% less than in Q4.

Pres. and CEO Leon Topalian said in a statement, “Our key forward-looking indicators for 2022 remain favorable and we expect another strong year in both earnings and cash generation.” s

Products from the new tube mill will capitalize on investments Nucor has already made in the Midwest including a plate mill, galvanizing line, and hot roll expansion. The new tube mill is a continuation of Nucor’s focus on growth and commitment to sustainability and environmental stewardship, the company said.

The $164 million project is expected to be complete in two years. It will have the capacity to produce approximately 250,000 tons of hollow structural section tubing, mechanical steel tubing and galvanized solar torque tube.

Source: Nucor