Nucor Profit Soars on Steel Hikes

Jason Sandefur

Skyrocketing steel prices helped Nucor Corp. post dramatic earnings and profit results in 2004. The steel giant and fastener manufacturer reported revenue grew 82% to $11.38 billion during the year, while net earnings soared to $1.12 billion compared with $62.8 million in 2003. In 2004, the average scrap and scrap substitute cost per ton increased 74% to $238. In the fourth quarter of 2004, that same cost jumped 79% to $278.
Sales of cold-finished steel, including fasteners, gained 14.3% to 271,000 tons in 2004.
Q4 sales grew 86% to $3.09 billion, while average sales price per ton increased 85%. Net earnings in Q4 ballooned to $341.4 million compared with $20.6 million during the fourth quarter of 2003.
During the year Nucor established records for steel production, shipments and sales. Production grew 13% to 19.74 million tons, while shipments increased 10% to 19.46 million tons. Steel shipments to outside customers improved 9% to 17.8 million tons. Web: nucor.com �2005 FastenerNews.com