Nucor Corp. advanced 2.6% in pre-market trading Tuesday after a preliminary U.S.-Canada trade agreement reduced tariffs on Canadian steel and aluminum exports to 25%, a move that could ease competitive pressure on domestic producers.
The Charlotte, North Carolina-based steelmaker’s shares reached $250 in early trade, recovering from recent declines that brought the stock into the $240 range after a 52-week high of $280.11. The preliminary deal, announced August 19, follows broader efforts to renegotiate trade terms between the two nations, with implications for steel pricing and supply dynamics in North America.
Nucor’s financial outlook also supported investor sentiment. For the second quarter of 2026, the company projected net income of $1.16 billion, with diluted earnings per share of $5.04, a 94% increase from $2.60 per share in the same period a year earlier. Management also indicated expectations for higher consolidated earnings in the third quarter.
The preliminary tariff reduction aligns with broader macroeconomic trends in the U.S. steel market. Year-over-year steel imports have fallen approximately 30% since the implementation of Section 232 tariffs, which have bolstered domestic pricing power for U.S. mills. The S&P 500 and Nasdaq traded modestly lower during the session, suggesting Nucor’s pre-market gain reflected sector-specific developments rather than a broad market rally.
