Nucor Sales Up, Profit Down
January 29
00:00
2004
Nucor Sales Up, Profit Down
Jason Sandefur
Nucor Corp. reported net sales for the fourth quarter of 2003 increased 28% to $1.66 billion, while net earnings dropped 52% to $20.55 million. The Charlotte, NC-based steelmaker said total tons shipped to outside customers increased 26% during Q4, primarily due to the acquisitions of Trico Steel Co. in July 2002 and Birmingham Steel Corp. in December 2002.
For the year, Nucor net sales increased 30% to $6.26 billion, but net earnings fell 61% to $62.8 million. Steel production improved 28% to 17.4 million tons for the year. Total steel shipments increased 31% to 17,656,000 tons in 2003. Cold finished steel sales, including fasteners, rose 5% to 237,000 tons. Web: nucor.com �2004 FastenerNews.com
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