CHARLOTTE, N.C., Dec. 15, 2021 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) today announced guidance for its fourth quarter ending December 31, 2021. Nucor expects fourth quarter earnings to be in the range of $7.65 to $7.75 per diluted share. Fourth quarter of 2021 earnings are expected to be the highest quarterly earnings in Nucor history, surpassing the previous record of $7.28 per diluted share that was set in the third quarter of 2021.
Steel mills segment earnings in the fourth quarter of 2021 remain robust and are expected to be comparable to the third quarter of 2021 despite lower volumes caused by year-end seasonality. We expect the steel products segment to generate increased earnings in the fourth quarter of 2021 as demand in nonresidential construction markets remains strong. Raw materials segment earnings are expected to decrease in the fourth quarter of 2021 as compared to the third quarter of 2021 primarily due to margin compression at our direct reduced iron facilities.
As we approach the end of the most profitable year in Nucor's history, demand continues to be strong in most of the end markets we serve. We are confident that 2022 will be another year of strong profitability for Nucor.
Continuing Share Repurchases
During the fourth quarter, Nucor has repurchased approximately 13.5 million shares at an average price of $111.63 per share (33.8 million shares year-to-date at an average price of $96.92 per share). Nucor has returned more than $3.70 billionto stockholders in the form of share repurchases and dividend payments year-to-date.