Steel Mills
Nucor Earnings Rise in 3Q
Written by Sandy Williams
October 17, 2013
Nucor announced consolidated net earnings of $147.6 million for the third quarter of 2013 as compared to net earnings of $85.1 million reported in the previous quarter and $110.3 million in third quarter of 2012.
Net sales increased 6 percent to 4.94 billion, up slightly from $4.67 billion in the second quarter and a gain of 3 percent from third quarter 2012.
Nucor shipped 6,166,000 tons to outside customers—an increase of 6 percent over 2Q 2013 and 7 percent over 3Q 2012.
A collapse of a storage dome at Nucor Steel Louisiana caused a $14.0 million partial write down of inventory and fixed asset balances. The incident delayed the start-up of the company’s new direct reduced iron (DRI) plant until the end of 2013.
Year to date consolidated net earnings were 317.5 million on sales of $14.6 billion.
Average cost of scrap and scrap substitute per ton decreased to $372 per ton in the third quarter, down from $377 in 2Q and $380 in 3Q 2012.
Profitability in the third quarter was attributed to better pricing, competitor supply disruptions, inventory restocking and improved market demand.
Nucor expects lower earnings in the fourth quarter due to seasonal slowdown for shipping and planned maintenance outages. Extended outages are planned for Nucor’s SBQ mill in Norfolk, Nebr., the sheet mill in Berkley County, S.C. and the structural mill at Blytheville, Ark.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
SDI presses on with steel, aluminum investments
Steel Dynamics Inc. remains optimistic about its prospects as it ramps up flat-rolled steel operations and prepares for the production of aluminum products next year. Executives from the Fort Wayne, Ind.-based steelmaker provided an update on the company’s operations on a conference call on Thursday held to discuss SDI’s third-quarter earnings results.
CMC earnings slide, but still near top mark
CMC Fourth quarter ended Aug. 31 2024 2023 Change Net sales $1,996.1 $2,209.2 -9.6% Net income (loss) $103.9 $184.2 -43.6% Per diluted share $0.90 $1.56 -42.3% Full year ended Aug. 31 Net sales $7,925.9 $8,799.5 -9.9% Net income (loss) $485.5 $859.7 -43.5% Per diluted share $4.14 $7.25 -42.9% (in millions of dollars except per share) […]
SDI posts lower Q3 profit, sees better times in ’25
Steel Dynamics Inc. (SDI) reported a drop in third-quarter profits driven largely by lower flat-rolled steel prices. The Fort Wayne, Ind.-based electric arc furnace (EAF) steelmaker also saw scrap prices slip. That happened because of softer demand from domestic mills taking planned maintenance outages.
Cliffs hosts fireside chat on industry, union, government collaboration
Cleveland-Cliffs’s Chairman, President, and CEO Lourenco Goncalves hosted a fireside chat with US Trade Representative Katherine Tai and Acting Secretary of Labor Julie Su on Friday at the company’s plate mill in Coatesville, Pa.
Nippon agrees to sell Calvert stake, if USS deal closes
ArcelorMittal is set to take full ownership of AM/NS Calvert if Nippon Steel finalizes its pending acquisition of U.S. Steel.