Steel Mills
Nucor Expects Improved Earnings in Q1
Written by Sandy Williams
March 15, 2018
Nucor Corp. is expecting stronger earnings in first quarter than fourth, said the company in its first-quarter earnings guidance.
Average selling prices for steel products have steadily increased in 2018, and positive pricing momentum is expected to continue into second quarter. Earnings for the steel mills segment are expected to improve compared to first quarter. Steel products earnings will reflect typical seasonality, but earnings in Nucor’s raw materials segment are expected to improve sequentially.
Said Nucor, “We believe there is significant optimism in steel end-use markets, and we are encouraged by recent actions made by the Trump administration to address the massive flood of dumped and illegally subsidized imports into the United States.”
Fourth-quarter results included a net tax benefit of $175.2 million resulting from the tax reform legislation. First quarter will include a $21.8 million deferred tax writeoff expense for a subsidiary and inventory-related purchase accounting charges of $9.8 million related to the acquisitions of Southland Tube and Republic Conduit, the company said.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Steel Dynamics guides to more metal, more money in Q3
Steel Dynamics Inc. is bullish heading into the close of the third quarter, with all three of its operating segments tracking higher.
AHMSA opens doors to potential buyers as $1.3B asset auction nears
AHMSA is opening its doors to potential buyers to tour its steel plant and mining operations in northern Mexico in preparation for the next stage of its bankruptcy process: the auction of its assets.
USW seeks clarity on USS plans for Granite City Works
The United Steelworkers union has asked U.S. Steel to elaborate on its Granite City Works plans following reports that the steelmaker is ending processing at the facility.
Nucor maintains plate prices, opens October order book
Nucor aims to keep plate prices flat for a seventh straight month with the opening of its October order book.
ArcelorMittal Mexico to import from sister mills as it works to resume DRI production
ArcelorMittal has partially restarted operations at its direct reduction plant in Lazaro Cardenas, Michoacan. An explosion on Aug. 18 rocked the massive steelworks on Mexico’s Pacific coast, impacting production of direct-reduced iron (DRI).