Nucor and Steel Dynamics just reported Q2 2009 earnings. The Nucor announcement can be found here and Steel Dynamics’ announcement is here. Both companies improved relative to Q1, which looks like it may have been the bottom for steel industry profitability. Steel Dynamics posted positive EBITDA per ton of $46 in Q2, much improved from negative $46 in Q1. Nucor continues to be plagued by high cost pig iron inventory being consumed at its sheet mills. Nucor’s EBITDA per ton rose to negative $7 in Q2, an improvement over the negative $30 posted in Q1. Track steel industry results on the Nerds of Steel earnings spreadsheet.