Steel Mills

Weather and Imports Will Impact Q1 Results for Nucor
Written by Sandy Williams
March 18, 2014
Nucor says weather and imports affected steel sales for first quarter 2014. Nucor revised its forecast for first quarter results downward from its guidance in fourth quarter 2013. Nucor expects a $0.53 decrease per diluted share in the first quarter ending April 5, 2014 as compared to fourth quarter 2013 earnings. Results are expected to be in the range of $0.30 to $0.35 per diluted share, an increase of $0.26 per diluted share from first quarter 2013.
“The larger factor impacting the first quarter was severe weather conditions, which has disrupted customer demand, decreased the amount of railcar availability and has exacerbated conditions in the seasonally weaker performance of our fabricated construction products businesses,” wrote Nucor in its guidance outlook. “Additionally, import levels have continued to negatively impact pricing and margins at our bar and sheet mills. Looking forward, we continue to see small but noticeable improvements in the nonresidential construction markets.”
Results for first quarter will include an estimated $14.5 million LIFO charge and a $9.0 million charge related to disposal of assets in the steel mills segment.

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills

Gerdau reshapes North American footprint as tariffs squeeze long steel imports
Gerdau is repositioning its North American business to capitalize on a sharp shift in steel trade flows driven by elevated tariffs across the US, Canada, and Mexico.

CRU: Interest in AHMSA is growing
Representatives of at least six companies interested in acquiring AHMSA have reportedly begun to carry out physical inspections of the insolvent company’s assets.

USW urges Algoma to diversify product line as $500M lifeline meets wider Q3 losses
The United Steelworkers (USW) is pushing for transparency after Algoma Steel announced earlier this week that it has received CA$500 million in financing from the Canadian government.

Oregon Steel Mills lifts plate prices by $60/ton
Oregon Steel Mills has joined other producers in announcing a price increase of at least $60 per short ton on steel plate.

Algoma speeds up EAF transition, shifts focus to supplying mostly plate to Canadian market
Upended by the Trump regime's tornado of tariffs, Algoma Steel is pivoting on its cross-border business model, shifting its focus to supplying the Canadian market.