Nucor Sales, Earnings Fall
Nucor Sales, Earnings Fall
John Wolz
Nucor Corporation reported first quarter 2001 sales decreased 14% to $1.028,000,000. Earnings fell 57% to $32.7 million.
Cold finished steel sales totaled 58,000 tons, compared with 69,000 tons a year ago.
Nucor reported first quarter established new records for steel production, steel shipments and sales to outside customers.
Earnings were hurt by higher than expected start-up costs for three steel plants.
According to Robert Guy Matthews of the Wall Street Journal, the steel industry “has been hamstrung by overcapacity, a problem compounded as the slowing economy affects major steel-consuming industries such as construction, automobile and farm equipment.”
More than a dozen steel makers are operating under Chapter 11 bankruptcy-law protection.
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