Steel Mills
Nucor Guides to Higher Earnings for Q1
Written by Sandy Williams
March 16, 2017
Nucor Corporation increased its earnings guidance for first quarter 2017 to $1.10-$1.15 per diluted share, more than double its consolidated net earnings of $0.50 per diluted share in fourth quarter and well above analyst consensus of $0.69 EPS.
Increased profitability is due to stronger performance of Nucor’s sheet and plate mills. Nucor said in its earnings guidance that it is encouraged by the renewed demand in nonresidential construction and energy markets. Automotive remains strong, noted Nucor, while the heavy equipment market remains weak.
The company also praised trade cases that are helping to “stop the flood of dumped and subsidized products from foreign producers,” noting especially the rebar and cut-to-length plate case determinations.
Nucor Steel Louisiana is back in operation after an unplanned outage in early February from equipment failure. Nucor used the downtime to complete planned maintenance activities ahead of schedule.
Despite the outage at Louisiana, Nucor expects the raw materials segment in first quarter to outperform fourth quarter due to improved performance of its scrap processing and brokerage operations and its DRI facility in Trinidad.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Nippon could up investment in USS facilities to $7B: Report
It's the latest twist as the proxy battle heats up for Pittsburgh-based U.S. Steel.
Hybar expansion still on the table as Arkansas mill startup nears
As Hybar nears the completion of its $700-million rebar mill in Arkansas, the company said it is still “actively considering” building other steel facilities in the southern US.
Global steel production edges lower in February
February’s global raw steel output is tied with last December's for the fourth-lowest monthly production rate recorded over the past two years.
Fate of U.S. Steel hangs in the balance
The future of U.S. Steel remains unclear, but the proxy fight for control of the company is heating up. Shareholders will cast their votes on the company's future at the annual meeting in May.
Cliffs to idle Dearborn blast furnace, restart Cleveland furnace by July
Cleveland-Cliffs has decided to idle the steelmaking operations at its Dearborn Works in Michigan due to weak automotive demand.