On the quarter, Nucor expects earnings to be in the range of US$2.55 to US$2.65 per diluted share. In the first quarter, the company reported net earnings of US$0.67 per diluted share. In the same quarter last year, they reported US$2.68 per diluted share. 

“The expected increase in the steel mills segment earnings is primarily due to higher average selling prices at our sheet and plate mills,” Nucor said in a statement. 

Earnings in the steel products segment are expected to increase due to stable overall pricing, higher volumes and lower average costs per metric ton. The raw materials segment is also expected to have increased earnings, Nucor reported. 

Nucor has repurchased about 1.8 million shares at an average price of US$111.89 per share during the second quarter. It has returned about US$755 million to stockholders in the form of share repurchases and dividend payments year to date. 

The company plans to release its earnings after the markets close on 28 July.