Nucor Corp. is experiencing a powerful upswing in performance as booming U.S. data center construction fuels heavy demand for American-made steel. The Charlotte, North Carolina-based steel giant — the nation’s largest producer and recycler of scrap metal — reported a major lift in steel mill shipments during the third quarter, helping boost segment earnings significantly over last year.
The company recorded $793 million in Q3 steel mill earnings, a 157% jump compared to the same period in 2024, despite a slight sequential dip of 6%. CEO Leon Topalian credited large-scale digital infrastructure projects as a key catalyst.
Nucor has been strengthening its role as a top supplier for hyperscalers and e-commerce developers. The company’s 2024 acquisition of Southwest Data Products and creation of its Nucor Data Systems business unit were part of that effort. Today, those investments are paying off.
“We now supply over 95% of all steel products that go into a data center from the building envelope to the interior infrastructure,” Topalian said, noting the company’s ability to serve both conventional structures and preengineered buildings at scale.
Demand growth came across multiple product lines — including sheet, bar, structural and plate — pushing total Q3 steel mill shipments up 12% to 6.4 million tons year over year. Rebar fabrication tonnage climbed 28%, and joist-and-deck tonnage surged 50%, further underscoring the influence of data center projects on U.S. steel markets.
Topalian described that market momentum as a “white hot” environment and said Nucor is riding a “tsunami of earnings power” as new production ramps up nationwide.
Meanwhile, domestic manufacturers are gaining additional protection from competitors abroad. Under the Trump administration’s 50% Section 232 tariffs, steel imports have been falling sharply — particularly for products where Nucor is expanding capacity.
Topalian called the tariffs a “necessary tool” to counter international overcapacity, saying they “must stay in place with no exceptions or loopholes until there are fundamental changes in the global steel industry.”
So far this year, Nucor reports a 35% decline in U.S. imports of its sheet products, and company executives expect that downward trend to continue.
Nucor ended Q3 with a robust balance sheet:
Looking ahead, Nucor expects Q4 earnings to soften, due to seasonal construction slowdowns, lower pricing pressure, and scheduled iron facility outages. But the company continues to expand capacity with major capital projects:
Two sheet coating lines in Indiana and South Carolina
West Virginia sheet mill (⅔ complete, ramping by late 2026)
Completed melt shop in Kingman, Arizona
New rebar micro mill in Lexington, North Carolina
Those upgrades are strategically aligned with a U.S. construction market that increasingly revolves around cloud computing, digital commerce, and resilient infrastructure.
John Hollatz, EVP of fabricated construction products, said the company is preparing for the long-term demand curve:
Nucor has converted a couple of its factories over the last several months to help the build-out of these data centers “because we see that market being so hot” over the coming years.
Analysts say:
As the U.S. reshapes its digital backbone — including cloud campuses, semiconductor facilities, and power infrastructure — Nucor has positioned itself near the center of that transformation.
Originally reported by Nathan Ownes in Construction Dive.
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