Nucor Fastener Sales Jump 35%
Nucor Fastener Sales Jump 35%
Jason Sandefur
Nucor reported cold finished steel sales, including fasteners, increased 35% to a record 279,000 tons during the first six months of 2008.
“Although our downstream businesses (such as fasteners) will be challenged by rising steel prices, we expect continued good results from this segment,” the company stated.
Overall sales increased 52% to a record $12.06 billion during the first half of 2008, boosted by several acquisitions. Net earnings increased 36% to $990.5 million, which included a 68% earnings jump to $580.8 million during the second quarter.
Average sales price per ton increased 21% during the first half of 2008, while total tons shipped to outside customers increased 26%
The average scrap and scrap substitute cost per ton used in the first half of 2008 was $396, an increase of 44%. Total six-month energy costs increased $5 per ton. Web: nucor.com �2008 FastenerNews.com
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