Recent U.S. legislation under the Biden administration has incentivized the manufacturing of electric vehicles, semiconductors and batteries, boosting demand for steel and steel products.
"Demand from non-residential construction, our largest end market, continues to be robust driven by strength in infrastructure and manufacturing investment," said CEO Leon Topalian.
Shares of Nucor rose 1.62% to $150 in premarket trading.
On an adjusted basis, the Charlotte, North Carolina-based company reported earnings per share of $4.45 for the first quarter ended April 1, beating expectations of $3.81, according to Refinitiv.
The steel producer, which uses scrap steel as the primary raw material in producing steel and steel products, said revenue fell nearly 17% to $8.71 billion, missing estimates of $8.99 billion. Net earnings attributable to Nucor stockholders fell 45.7% to $1.14 billion.
(Reporting by Amna Karimi and Aishwarya Nair in Bengaluru; Editing by Devika Syamnath)
