Nucor Reports Record Steel Production
Nucor Reports Record Steel Production
Jason Sandefur
Nucor reported cold finished steel sales, including fasteners, increased 8% to a record 96,000 tons during the first quarter of 2006. Overall steel production rose 13% to a record 5,791,000 tons.
Nucor consolidated revenue gained 7% to $3.55 billion, while net earnings improved 7% to $379.2 million. Average sales price per ton dropped 5%, and the average scrap and scrap substitute cost per ton decreased 13% to $237 from the first quarter of 2005 and decreased 1% from $240 in the fourth quarter of 2005. Total energy costs grew $7 per ton from the first quarter of 2005, and decreased $4 per ton from the fourth quarter of 2005.
Nucor is in the midst of a $43 million deal to acquire Connecticut Steel Corp., a bar products mill has an annual capacity of approximately 300,000 tons of wire rod and rebar and approximately 85,000 tons of wire mesh fabrication and structural mesh fabrication. The acquisition is scheduled to be completed in early May. Web: nucor.com �2006 FastenerNews.com
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