Steel Mills
Nucor Earnings Rise in 3Q
Written by Sandy Williams
October 17, 2013
Nucor announced consolidated net earnings of $147.6 million for the third quarter of 2013 as compared to net earnings of $85.1 million reported in the previous quarter and $110.3 million in third quarter of 2012.
Net sales increased 6 percent to 4.94 billion, up slightly from $4.67 billion in the second quarter and a gain of 3 percent from third quarter 2012.
Nucor shipped 6,166,000 tons to outside customers—an increase of 6 percent over 2Q 2013 and 7 percent over 3Q 2012.
A collapse of a storage dome at Nucor Steel Louisiana caused a $14.0 million partial write down of inventory and fixed asset balances. The incident delayed the start-up of the company’s new direct reduced iron (DRI) plant until the end of 2013.
Year to date consolidated net earnings were 317.5 million on sales of $14.6 billion.
Average cost of scrap and scrap substitute per ton decreased to $372 per ton in the third quarter, down from $377 in 2Q and $380 in 3Q 2012.
Profitability in the third quarter was attributed to better pricing, competitor supply disruptions, inventory restocking and improved market demand.
Nucor expects lower earnings in the fourth quarter due to seasonal slowdown for shipping and planned maintenance outages. Extended outages are planned for Nucor’s SBQ mill in Norfolk, Nebr., the sheet mill in Berkley County, S.C. and the structural mill at Blytheville, Ark.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
SDI bullish on Sinton as capacity utilization passes 80% threshold
Steel Dynamics Inc. (SDI) remains upbeat about progress at its Sinton, Texas, sheet mill and expects it to be profitable in the upcoming months. “The Sinton team gained considerable momentum in the last two months—running above 80% capacity—and they are doing even better in January, with expectations to reach profitability in the coming months,” SDI Chairman and CEO Mark Millett said in a Q4’24 earnings call on Thursday.
Bedrock’s Kestenbaum talks MUSSGA, Trump, and tariffs
Alan Kestenbaum was the featured speaker at SMU’s Community Chat on Wednesday, where he discussed US Steel, tariffs, climate policy and other topics.
SDI posts lower Q4 profit, predicts better times in ’25
Steel Dynamic Inc.’s profits narrowed in the fourth quarter of 2024 on lower prices, import competition, and continued losses from its sheet mill in Sinton, Texas. The Fort Wayne, Ind.-based steelmaker said results also suffered from an unplanned outage at its sheet mill in Butler, Ind. That reduced sales volumes by approximately 50,000 tons.
AISI outlines key issues for steel to Trump admin
The American Iron and Steel Institute (AISI) has reached out to the Trump administration, as well as some members of Congress, to present a blueprint of issues that are top of mind for steel producers. “2025 presents an opportunity for the new administration and Congress to take a holistic look at the key issues impacting […]
Algoma to shut down line in Ontario ahead of EAF start
The 106” Mill was part of Algoma's plate and strip combination facility.