Feb. 3, 2016

Nucor Posts Profits in Challenging 2015

Nucor Corp., Charlotte, N.C., reported full-year net earnings of $357.7 million, an almost 50 percent decline from 2014, but still profitable despite the challenging steel market of 2015.

The minimill steelmaker reported a net loss of $62.0 million in the fourth quarter due to impairment charges related to the company’s Italian joint venture and a curtailed blast furnace project at its St. James Parish, La., site. Excluding the charges, Nucor reported adjusted net earnings of $144.7 million in the quarter.

Nucor’s full-year net sales decreased 22.1 percent from 2014 to $16.4 billion. Net sales in the fourth quarter totaled $3.5 billion, a 30.9 percent decline from the prior-year. Overall operating rates at the company’s steel mills decreased to 68 percent for the full year from 78 percent in 2014.

“Although the trade remedy process has not moved as quickly as we would like, we believe that preliminary antidumping and countervailing duties and affirmative critical circumstances findings in the steel sheet cases should have a positive impact on domestic sheet mills in the first half of 2016,” Nucor Chairman, President and CEO John Ferriola said.

Nonresidential construction markets, although improved from 2014, are beginning to slow mainly due to seasonal factors. Energy, heavy equipment and agricultural markets remain weak, while the automotive market remains strong. Positive market factors include continued strength in automotive, a small decline in import volumes and more balanced inventory levels at service center customers, Nucor executives said.


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Tuesday, December 12, 2017