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
Nippon won’t import slabs to US if U.S. Steel deal goes through
Nippon Steel has affirmed that if its $14.9-billion bid for U.S. Steel proves successful, the Japanese steelmaker will not import overseas-produced slabs to the US.
AISI: Raw steel production eases to 5-week low
Domestic raw steel mill production slipped to a five-week low last week, according to the latest figures released by the American Iron and Steel Institute (AISI). Weekly production is now at the third-lowest level recorded this year.
Nucor maintains HR price at $750/ton
Nucor’s weekly consumer spot price (CSP) for hot-rolled (HR) coil was unchanged week on week (w/w) at $750 per short ton (st) on Monday, Nov. 18.
Mexican court orders sale of officially bankrupt AHMSA
After failing to reach agreements with its creditors, Altos Hornos de México (AHMSA) has been formally declared bankrupt by a Mexican bankruptcy court.
AISI: Raw steel production edges back up
Domestic raw steel production recovered last week, after slipping the week prior, according to the latest American Iron and Steel Institute (AISI) data. Weekly production remains at some of the lowest levels recorded this year.