Steel Mills

Weather and Imports Will Impact Q1 Results for Nucor

Written by Sandy Williams

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.

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