Lower Steel Prices Hurt Nucor Results
Lower Steel Prices Hurt Nucor Results
John Wolz
Nucor Corporation announced sales for 2001 dropped 10% from the previous year and net earnings fell 64%.
Earnings totaled $113 million and sales $4.1 billion.
Nucor attributed the sales decline to an 18% decrease in the composite sales price per ton of steel.
Fourth quarter 2001 sales decreased 3% from the same period of 2000 to $979.6 million in the final quarter of 2001. Net earnings fell 66% from the fourth quarter of 2000 to $26.5 million this year.
“Our results reflect the impact of illegal dumping of imports on domestic steel prices,” CEO Dan DiMicco declared. “In addition, continued weakness in non-residential construction markets has hurt demand for our products. However, our focus on cost-cutting and quality initiatives has enabled Nucor to remain profitable in these very difficult conditions.”
Cold finished steel sales dropped from 250,000 tons for 2000 to 203,000 tons during 2001. Web: nucor.com �2002 FastenerNews.com
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