Nucor's Profits Rise in Second Quarter
07/21/2016 - Nucor Corp.’s second-quarter profit rose to US$233.8 million on and improving supply-side conditions, the company reported Thursday.
For the quarter ending 2 July 2016, net earnings were up 87 percent over the same quarter last year, rising from US$124.8 million. Net sales, however, were down 3 percent, dipping to US$4.25 billion.
In a statement, the company said its overall average sales price per ton fell 9 percent, which was offset by an increase in shipments to outside customers. Shipments to those customers rose 7 percent to 6.46 million tons.
Nucor said that flat rolled trade cases are crimping the flow of steel imports, which might decline further as other steel-related cases come up for final determinations.
“We believe that once all the facts are known, the government's final determinations will address all dumping and subsidies associated with these cases,” the company said.
It said its steel mills – the sheets mills especially – saw significant improvement due to higher average selling prices and rising shipments.
The mills shipped 5.9 million tons, up from 5.3 million tons in the second quarter of 2015. They were also helped by lower average scrap and iron prices, which were down 14 percent from last year.
In a statement, the company said its overall average sales price per ton fell 9 percent, which was offset by an increase in shipments to outside customers. Shipments to those customers rose 7 percent to 6.46 million tons.
Nucor said that flat rolled trade cases are crimping the flow of steel imports, which might decline further as other steel-related cases come up for final determinations.
“We believe that once all the facts are known, the government's final determinations will address all dumping and subsidies associated with these cases,” the company said.
It said its steel mills – the sheets mills especially – saw significant improvement due to higher average selling prices and rising shipments.
The mills shipped 5.9 million tons, up from 5.3 million tons in the second quarter of 2015. They were also helped by lower average scrap and iron prices, which were down 14 percent from last year.
