Nucor’s consolidated net earnings in the second quarter of 2018 jumped to $683.2 million, the second highest quarterly earnings in the company’s history. In comparison, earnings were $354.2 million in the first quarter and $323 million in Q2 2017. Nucor’s Chairman and CEO John Ferriola attributed the successful quarter to an upturn in the steel […] The post Nucor Nearly Doubles Net Earnings in Q2 appeared first on Steel Market Update.
Steel Dynamics reported a very strong first quarter with record shipments in the flat rolled division and a 94 percent utilization rate, well above the domestic industry average of 76 percent. Demand and product pricing improved across SDI’s entire steel platform. Net sales totaled $2.6 billion for the quarter and net income was $228 million. […] The post SDI Seeks “Prudence” in Section 232 Tariffs appeared first on Steel Market Update.
In its year-end 2017 financial report, Nucor delivered its highest annual earnings since 2008. Consolidated net sales increased 25 percent to $20.25 billion, compared with $16.21 billion for fiscal 2016. Shipments to outside customers during 2017 totaled 26,492,000 tons, an increase of 9 percent from fiscal 2016. Average sales price per ton increased 15 percent. […] The post Nucor Delivers Best Yearly Results Since 2008 appeared first on Steel Market Update.
Last year was a record breaker for Steel Dynamics in multiple areas. The company reported records for steel shipments, fabrication shipments, net sales, operating income and EBITDA. Annual net income totaled $813 million compared to $382 million in 2016. Net sales for the full year totaled $9.5 billion compared to $7.8 million the previous year. […] The post Record Year for Steel Dynamics appeared first on Steel Market Update.
Steel Dynamics Inc. provided guidance on fourth-quarter earnings, predicting a lower sequential quarter. Planned outages at the company’s flat rolled divisions resulted in higher costs and lower value-added shipments, reducing pretax earnings by approximately $27 million. Flat rolled steel pricing declined at a steeper rate than prices for scrap raw material. The long products division […] The post Steel Dynamics Guides to Lower Earnings in Q4 appeared first on Steel Market Update.
Steel Dynamics and CEO Mark Millett are expecting a tighter steel market in the fourth quarter. After surging ahead of possible Section 232 trade action, import levels have declined and, coupled with strengthening order rates and longer lead times, steel prices are expected to appreciate significantly, said Millet in remarks during the company’s quarterly conference […] The post SDI: Positive Pricing Environment Ahead appeared first on Steel Market Update.
The chaos to commerce continues in the Houston area as a result of flooding and damage from Hurricane Harvey. Texas Governor Gregg Abbot estimates damage to the area will be in the range of $150 billion to $180 billion. A quick survey of steel service centers and distribution centers in the area found that many […] The post Update on Houston Hurricane Impact appeared first on Steel Market Update.
Steel Dynamics, Inc., is excited about the second half and is expecting growth in all sectors through 2018. CEO Mark Millett says the flat rolled arena remains very strong despite a slight turning of the automotive market. Infrastructure is continuing to grow, as evidenced by cranes and road work funded by states, if not federal […] The post SDI Sees ‘Positive Pricing Environment’ Ahead of Section 232 appeared first on Steel Market Update.
CHARLOTTE, N.C., May 25, 2017 /PRNewswire/ — Nucor Corporation (NYSE: NUE) announced today that it is investing an estimated $176 million to build a hot band galvanizing and pickling line at its sheet mill in Ghent, Kentucky. The new galvanizing line will expand Nucor Steel Gallatin’s product capabilities and have an annual capacity of 500,000 […] The post Nucor to Build Galvanizing Line at its Kentucky Sheet Mill appeared first on Steel Market Update.
Steel Dynamics expects a meaningful increase in first quarter profits. Earnings per diluted share are expected to be in the range of $0.77 to $0.81 compared to $0.08 per diluted share in Q4 2016 and $0.26 per diluted share in Q1 2016. In first quarter guidance comments, SDI attributed stronger results to higher shipments and […] The post Steel Dynamics Expecting Stronger Q1 appeared first on Steel Market Update.