Steel Mills
Steel Imports Affecting Nucor 4Q Earnings
Written by Sandy Williams
December 16, 2014
Nucor Corporation expects a “moderate” decrease in earnings in the fourth quarter along with a seasonal drop in operating performance. In the company’s fourth quarter earnings guidance, Nucor noted that exceptionally high import levels have put pressure on steel production and margins. A larger than expected decrease in outside shipments is expected in the fourth quarter.
The company is forecasting earnings of $0.50 to $0.55 per share which is lower than industry analysts consensus of $0.65 per share.
Nucor Steel Louisiana DRI operations remain idle since the process gas heater failure on November 2, 2014. Operations are not expected to resume until first quarter 2015 due to the lead times on specialty steel pipes that must be replaced. An operating loss of approximately $30 million is expected at the Louisiana operations.
Nucor’s guidance also stated that their scrap processing business is also expected to show decreased performance during fourth quarter 2014.
Nucor anticipates that Nucor Gallatin profits will more than offset $9 million of purchase accounting expenses incurred during the quarter.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
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.
Granite City Works must remain open and other terms of the Nippon-USS deal
SEC documents also name Trump specifically as having veto power certain decisions are part of the “Golden Share” provision.