U.S. steel giant Nucor (NYSE: NUE) had an incredible year in 2022, and shareholders should be pleased. But the year ended on a relatively weak note. And there's a good chance that 2023 won't live up to the record earnings levels set in 2022. Here's why investors shouldn't expect too much from Nucor this year.

In 2022, Nucor posted full-year earnings of $28.79 per share, up from $23.16 in 2021. That record result was driven by full-year sales of $41.5 billion in 2022, compared to sales of $36.5 billion in 2021. So far, so good -- but here's where things start to get a little more interesting.

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Source Fool.com