Global Fastener News

Nucor Fastener Sales Slow

Jason Sandefur

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 the year, cold finish steel sales grew 8% to $485 million.

Overall Q4 sales dropped 6% to $4.15 billion, while net income plummeted 71% to %105.9 million. Average sales price per ton increased 30% during Q4, with total tons shipped to outside customers decreasing 27% to 4.29 million tons. The average scrap and scrap substitute cost per ton used increased 53% to $435 during Q4, down 18% from a $533 high in the previous quarter.

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. Web: Nucor.com �2009 FastenerNews.com