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
Cliffs unveils new hydrogen-powered stainless line in Ohio
CEO Lourenco Goncalves, flanked by state leaders and union reps, touted the project as proof that US manufacturing is not only alive, but also advancing.
Cliffs idles Steelton, Riverdale, and Conshohocken operations
Cliffs has idled facilities in Riverdale, Ill., and Conshohocken and Steelton, Pa.
Radius loss narrows, volumes climb in ‘healthy’ West Coast market
Stronger steel demand in the Western US, rising scrap flows, and improved rolling mill utilization drove sequential gains for Portland, Ore.-based Radius Recycling.
AISI: Raw steel production backs off multi-year high
US raw steel output edged lower last week after hitting a multi-year high in mid-June, according to the American Iron and Steel Institute (AISI).
Private equity firm Atlas Holdings to acquire Evraz North America
Atlas Holdings said it has signed a definitive agreement to acquire Evraz North America (Evraz NA). The Greenwich, Conn.-based private equity firm said it expects the deal for the Chicago-based steelmaker to close in the second quarter of 2025 subject to various closing condition.