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Nucor Restores Operations After May Cyberattack, Expects Strong Q2 Earnings

 

Nucor, the largest steel producer in the United States, announced it has resumed normal operations after a cyberattack in May that exposed a limited amount of data.

According to a filing with the Securities and Exchange Commission, the company believes it has successfully removed the hackers from its systems and does not anticipate any material impact on its financial results or operations.

“The incident temporarily limited our ability to access certain functions and some facilities,” Nucor stated. To investigate and recover from the breach, the company engaged external forensic specialists. 

As part of its response, Nucor temporarily shut down its systems and restored portions of its data using backup files. The company has since collaborated with outside experts to strengthen its IT infrastructure against future intrusions.

Headquartered in Charlotte, North Carolina, Nucor produces approximately 25% of the nation’s raw steel. Last week, the company said it expects second-quarter earnings per share to range between $2.55 and $2.65 for the fiscal period ending July 5. Earnings are projected to grow across all three operating segments, with the most significant gains anticipated in its steel mills business, driven by higher average selling prices for sheet and plate products.

Nucor has not shared specific details about the financial consequences of the cyberattack. The company plans to release its earnings report on July 28, followed by a conference call on July 29.