Nucor Corp. said its third-quarter earnings rose 66% on stronger demand for the steelmaker's products, particularly from improving energy and automotive markets.
Nucor, which is based in Charlotte, N.C., and operates scrap-based plants known as minimills, recently completed its $770 million purchase of Midwestern steel mill Gallatin Steel Company. The move expands Nucor's presence in the energy market and makes the company the largest U.S. steelmaker by capacity.
The steel industry has benefited from the resurgence of U.S. car makers and increased oil and gas drilling, though the sector had remained under pressure from a global oversupply that has weighed on prices.
Nucor reported a profit of $245.4 million, or 76 cents a share, up from $147.6 million, or 46 cents a share, a year earlier. The company expected 70 cents to 75 cents.
Revenue increased 15% to $5.7 billion, above expectations of analysts polled by Thomson Reuters for $5.38 billion.
Average selling prices improved 5% and total steel mill shipments grew by 7%. Steel mill utilization increased to 81% from 78%.
Source: marketwatch.com
- metaljunction »
- Metal News
Metal News & Events
METALJUNCTION PUBLICATIONS
Coal Insights (English) Monthly
![Steel Insights](/assets/images/news/coal-insights.jpg)
Coal Insights is a ready reckoner for anyone associated with coal. This publication is aimed at tracking everything related to coal in India.
India Coal Market Watch(English) Monthly
![Steel Insights](/assets/images/news/ICMW_Jan09.gif)
ICMW is a one-stop source for all news, data and research pertaining to coal demand, consumption, stocks, spot- and long-term prices with respect to the Indian Market.
India Steel Market Watch (English) Monthly
![Steel Insights](/assets/images/news/ISMW.gif)
ISMW is a brand new high-end steel market report, covering all aspects of the steel industry in India.
Steel Insights(English) Monthly
![Steel Insights](/assets/images/news/SteelInsights.jpg)
Steel Insights delves into various facets of the domestic and global steel industry such as market fundamentals, raw material price trends, price forecasts etc.