Steel Mills
Trade Cases Contributing to Stronger Second Quarter
Written by Sandy Williams
June 16, 2016
Nucor Corporation says flat rolled-trade cases are having a positive impact on reducing steel imports. The expectation is that final determinations in all three flat rolled cases will result in higher duties than currently being collected from the preliminary decisions.
Second quarter results are expected to be significantly improved from first quarter due to higher average selling prices and improved volumes. Earnings per diluted share are anticipated to be in the range of $0.65 to $0.70, up from $0.39 in Q2 2015 and $0.22 in Q1 2016.
Sheet mills have benefited from lower inventory levels in the supply chain, particularly at service centers, and from decreased imports. Average sheet pricing is up significantly but because contract pricing represents more than 50 percent of Nucor’s sheet steel shipments, the full benefit will not be realized until third quarter.
The energy, heavy equipment and agricultural markets remain weak but automotive continues to be strong.
Growth in the nonresidential market is expected to positively impact the downstream products segment.
Said Nucor, “We believe that the performance of the downstream products segment for the full year 2016 will be improved compared to 2015, despite higher expected steel costs in the current year and minimal benefits from the 2015 highway bill, which we believe we will have a greater impact on future years’ performance.”
The raw materials segment will show improvement in second quarter due to increased pricing at Nucor’s scrap processing business and DRI facilities.
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.