Feb. 1, 2017

Nucor Earns Nearly $800 Million in 2016

Nucor Corp., Charlotte, N.C., reported net earnings of $796.3 million in 2016, an almost 10-fold gain over the previous fiscal year’s earnings of $80.7 million, despite a 1.5 percent decline in net sales to $16.2 billion.

Total tons shipped to outside customers increased 7 percent in 2016 to 24.3 million tons, while the average selling price fell 8 percent. The company’s steel mills operated at an 80 percent utilization rate, an improvement on the 73 percent in fiscal year 2015.

Nucor’s fourth-quarter performance was key to its improved earnings for the year. The minimill steelmaker reported fourth-quarter earnings of $159.6 million, a reversal of the $187.5 million loss in the same period in 2015.

Nucor’s net sales totaled $3.96 billion in the fourth quarter, a 14 percent increase from fourth-quarter 2015, but down 8 percent from the prior quarter. The average sales price was consistent with fourth-quarter 2015, while shipments to outside customers increased 14 percent to 5.8 million tons.

Operating rates at the company’s steel mills averaged 74 percent in the fourth quarter, up from 68 percent in fourth-quarter 2015, but down from 76 percent in the previous quarter.

Nucor executives expect improved volume levels in first-quarter 2017, particularly at the company’s sheet and plate mills. “Higher input costs and declining imports are now causing the market to find an improved and more sustainable level that we expect to benefit 2017,” said John Ferriola, chairman, president and CEO of Nucor. “We believe full-year 2017 profitability could significantly exceed the level achieved in 2016.”


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Monday, October 23, 2017