US steel giant Nucor maintained a cautiously optimistic outlookfor the steel market in 2026 in its Q4 2025 earnings call, citing improved demand and the continued protective effect of import tariffs on steel. 

The company entered the new year with a historically high order backlog, with orders for its steel mill and steel products divisions increasing by nearly 40% and 15% year-on-year, respectively. Nucor expects its Q1 2026 earnings to be better than those at the end of 2025.

Nucor stated that infrastructure, data center, and energy-related investments are driving demand, and the decline in the share of imported steel in US consumption will help increase the market share of domestic steel mills. 

The company is also continuing to advance several capacity investment plans, with new sheet metal plants and diversified process projects expected to gradually contribute to revenue. However, management also acknowledged that the recovery in interest rate-sensitive markets such as automobiles and housing is limited, and overall demand growth will remain moderate.