(Reuters) -U.S. steelmaker Nucor reported better-than-expected profit for the third quarter on Monday, buoyed by higher product pricing and robust shipments, sending its shares up nearly 3% in extended trading.
The company has benefited from a fall in steel imports into the U.S. after President Donald Trump imposed tariffs on the metal, leading to higher domestic buying.
Total shipments from its steel mills jumped 12% from a year earlier to about 6.4 million tons.
The Charlotte, North Carolina-based company also saw its external average sales price per ton rise 5%.
Nucor posted a profit of $2.63 per share for the third quarter, compared with analysts’ average estimate of $2.19, according to data compiled by LSEG.
Its revenue rose 14% to $8.52 billion during the quarter ended October 4, also above expectations of $8.16 billion.
(Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Shilpi Majumdar)
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