Nucor Cold Finished Steel Sales Drop
Nucor Cold Finished Steel Sales Drop
Jason Sandefur
Nucor Corp. reported cold finished steel sales, including fasteners, decreased 6% to 90,000 tons during the first quarter of 2007. Consolidated sales grew 6% to $3.77 billion during, while Q1 net earnings rose to a record $381 million for the fourth consecutive year.
Average sales price per ton increased 6% from the first quarter of 2006 and decreased 2% compared to the fourth quarter of 2006. The average scrap and scrap substitute cost per ton increased 9% to $259, representing a 7% jump since Q4. Total energy costs decreased approximately $3 per ton.
Nucor said steel production declined 4% to 5,585,000 tons, while total steel shipments dipped 1% to 5,660,000 tons.
“Our outlook for the second quarter remains positive with rising prices for most of our products favorably impacting our margins as we work through our higher cost scrap inventories,” the company stated. Web: nucor.com �2007 FastenerNews.com
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