US-based steelmaker Nucor Corporation reported a decrease in fourth-quarter revenue and profit, with a 10% year-on-year drop in average sales price per ton.

The company faced weaker demand in 2024, as distributors reduced purchases amid a supply excess from domestic production and imports.

The quarterly profit fell to US$287 million, or US$1.22 per share, down from US$785 million, or US$3.16 per share last year, while revenue dropped by 8.2% to US$7.08 billion.

Despite the sluggish steel demand in 2024, CEO Leon Topalian noted signs of improving market conditions.