(CHARLOTTE) -- Nucor Corporation reported it first quarter consolidated net earnings were up 416 percent. The Charlotte-based steel maker earned $159.8 million, or $0.50 per diluted share. This compared to earnings of $31 million, or $0.10 per diluted share during the same period last year.

Nucor incurred first quarter charge related to inventories of $31 million. This compared with a charge of $24 million in the first quarter of 2010

"Profitability improved significantly as we progressed through the quarter, as utilization rates increased and as price increases for steel mill products caught up with higher raw material costs," the company stated in a press release. "Although we are seeing some signs of market weakness that may impact results near the end of the second quarter, we expect second quarter results to be an improvement over the first quarter."

The construction sector continues to be the most challenging market impacting Nucor's bottom line. The market where the company is seeing the most improvement is the manufacturing/industrial sector.