Nucor Corp. shares climbed 2.6% to $250 in pre-market trading on Tuesday, rebounding after reports of a tentative U.S.-Canada trade agreement that would lower tariffs on Canadian steel and aluminum exports to 25%. The proposed deal addresses concerns over domestic steel pricing dynamics that had driven the stock into the mid-$240s following initial reports.
The broader market showed limited reaction, with the S&P 500 marginally lower and the Nasdaq modestly down during the same period. Nucor's 52-week high of $280.11, achieved earlier this year, remains a key resistance level for the stock.
The company reported Q2 2026 net earnings of $1.16 billion, or $5.04 per diluted share, up from $2.60 per share in the same quarter a year ago. Nucor also guided for higher consolidated earnings in Q3, reflecting continued strength in domestic steel pricing.
U.S. steel imports have fallen roughly 30% below year-ago levels year-to-date, driven by Section 232 tariffs that have supported domestic steel prices and bolstered pricing power for U.S. mills. The tentative trade agreement is expected to further stabilize supply dynamics while maintaining elevated domestic pricing conditions.
