Published by: Dan Hilliard<>
21 Mar 2025 @ 14:10 UTC

The earnings of the two eldest legacy steelmakers in the US — US Steel and Nucor, representing blast furnace and electric-arc furnace production respectively — moved in roughly equal but opposite directions during the first quarter of 2025, according to company guidances released this week.

US Steel expects to report a net loss of $0.49-0.53 per diluted share in the first quarter, for a midpoint value of $145 million. In the first quarter of 2024, the company reported net earnings of $206 million, or $0.82 per share.
The company expects its earnings before interest, taxes, depreciation and amortization (EBITDA) — estimated at $125 million — to slip quarter on quarter in the flat-rolled segment due to typical seasonal logistical constrains in the mining sector. This is expected to be somewhat mitigated by higher selling prices and volumes.
In the mini-mill segment, quarter on quarter EBITDA is expected to rise in line with shipments, but the company will incur $50 million in ramp-up related costs as it brings its Big River 2 expansion online.
By contrast, Nucor expects to report positive earnings of $0.45-0.55 per diluted share. In the first quarter of 2024, the company earned $844.8 million, or $3.46 per share.
We expect earnings in the steel products segment to decrease in the first quarter of 2025 as compared to the fourth quarter of 2024, due primarily to lower average selling prices, Nucor said in its guidance. The earnings of the raw materials segment are expected to decrease in the first quarter of 2025 as compared to the fourth quarter of 2024, due to lower margins at our [direct-reduced iron] facilities. We expect higher corporate, administrative and tax impacts in the first quarter of 2025 than recognized in the fourth quarter of 2024.