Global Fastener News

10/13/2010 9:39:00 PM
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End of 2009 Stock Report: NUCOR

END of 2009 RESULTS
Nucor reported cold finished steel sales, including revenue from Nucor Fastener, jumped 39% to 111,000 tons during the opening quarter of 2010, up 27% over the previous quarter. 

In 2009 cold finished steel sales declined 32% to 330,000 tons, while overall sales at Nucor dropped 53% to $11.19 billion. 

Nucor Fastener filed antidumping and countervailing petitions with the U.S. Commerce Department in September 2009. The petitions allege average dumping margins of 145% for Chinese imports, and 74% for imports from Taiwan. 

Importers strongly criticized Nucor Fastener for seeking tariffs on low-carbon standard fasteners that haven’t been produced in the U.S. since the 1960s. 

The U.S. International Trade Commission unanimously rejected Nucor Fastener’s petitions in November, terminating the preliminary investigation. Nucor Fastener has appealed that decision, claiming that U.S. production and capacity utilization decreased by 50% during a time when Chinese and Taiwanese imports grew to 56.8% of the market; and that the U.S. industry lost production jobs, along with declines in shipments, investment, R&D and profit while Chinese and Taiwanese producers “substantially increased capacity and inventories.” 

The appeal is under review by the U.S. Court of International Trade. 

From 2006 to 2008 imports of certain standard steel fasteners from China increased by 4.48% and were valued at an estimated $291 million in 2008, according to ITC figures. Imports from Taiwan over the same time period decreased by 19.09%.

2008
Nucor reported cold finish steel sales, including fasteners, dropping 28% to $91 million during the fourth quarter of 2008, hurt by the economic meltdown. 

“Fourth quarter results were unfavorably impacted by the decrease in end-use demand for steel and the consumption of higher cost raw materials purchased earlier in the year,” the steelmaker stated. 

For 2008, cold finish steel sales grew 8% to $485 million. 

Consolidated sales in 2008 grew 43% to a record $23.66 billion, boosted by major acquisitions, while net earnings grew 24% to $1.83 billion. Average sales price per ton increased 30%, while total tons shipped to outside customers rose 10%. For the full year 2008, the average scrap and scrap substitute cost per ton used jumped 58% to $438. 

HISTORY
Capacity at Nucor’s highly automated fastener facility is more than 75,000 tons. The facility produces hex-head cap screws, hex bolts, structural bolts and custom engineered fasteners. 

Nucor fasteners are used in automotive, machine tool, farm implement, construction and military applications. 

Nucor entered the fastener business in 1986 when it opened its $25 million plant in St. Joe, IN. Web: nucor-fastener.com 

Corporate Office: 2100 Rexford Rd., Charlotte, NC 28211. 
Tel: 704 366-7000 Fax 704 362-4208
Web: nucor.com
CEO: Daniel Dimicco, 58
Key fastener executives: Mike Parrish, executive vice president, bar products; Tom Miller, general manager of fastener division; Jim Witucki, national sales manager
Employees: 20,400
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