Steel Mills
Nucor Expects Improved Earnings in Q1
Written by Sandy Williams
March 15, 2018
Nucor Corp. is expecting stronger earnings in first quarter than fourth, said the company in its first-quarter earnings guidance.
Average selling prices for steel products have steadily increased in 2018, and positive pricing momentum is expected to continue into second quarter. Earnings for the steel mills segment are expected to improve compared to first quarter. Steel products earnings will reflect typical seasonality, but earnings in Nucor’s raw materials segment are expected to improve sequentially.
Said Nucor, “We believe there is significant optimism in steel end-use markets, and we are encouraged by recent actions made by the Trump administration to address the massive flood of dumped and illegally subsidized imports into the United States.”
Fourth-quarter results included a net tax benefit of $175.2 million resulting from the tax reform legislation. First quarter will include a $21.8 million deferred tax writeoff expense for a subsidiary and inventory-related purchase accounting charges of $9.8 million related to the acquisitions of Southland Tube and Republic Conduit, the company said.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Pacific Steel breaks ground on California rebar mill
Pacific Steel Group has broken ground on its Mojave Micro Mill in Southern California.
Nucor lifts weekly HR spot price to $915/ton
Nucor has increased its weekly HR coil spot price for seven consecutive weeks.
American mills urge Trump to maintain no exceptions on steel tariffs
"We urge you to resist any requests for exceptions or exclusions and to continue standing strong on behalf of American steel," the companies wrote.
Cliffs CEO touts employee cash bonus for buying US-made vehicles
Cleveland-Cliffs Inc. has introduced a new employee incentive program to promote American-made vehicles, support domestic production, and strengthen US supply chains.
Auction of AHMSA assets is next step in bankruptcy proceedings
An inventory valuation of the assets of Altos Hornos de Mexico SA (AHMSA) has been completed. Local reports suggest an auction for the assets of the bankrupt steel company could come as soon as the end of this month.