Nucor Corp. reported cold finished steel sales, including results from Nucor Fastener, fell 12% to 126,000 tons in the first quarter of 2020.

Q1 consolidated net sales increased 10% to $5.62 billion from the fourth quarter and decreased 8% from the opening quarter of 2019.  Average sales price per ton dipped 1% compared with the fourth quarter of 2019 and decreased 13% compared with the first quarter of 2019.

“The global crisis caused by the COVID-19 pandemic has touched the lives of almost everyone in some way, and we would be remiss not to acknowledge the physical, mental and emotional toll so much of the world is experiencing,” stated CEO Leon Topalian.

A total of 7,187,000 tons were shipped to outside customers in Q1, an 11% increase from the fourth quarter of 2019 and a 6% increase from the first quarter of 2019.  Total steel mill shipments in the first quarter of 2020 increased 12% as compared to the fourth quarter of 2019 and increased 8% as compared to the first quarter of 2019. 

Steel mill shipments to internal customers represented 20% of total steel mill shipments in the first quarter of 2020, compared with 21% in the fourth quarter of 2019 and 20% in the first quarter of 2019.  Downstream steel product shipments to outside customers in the first quarter of 2020 increased 2% from the fourth quarter of 2019 and increased 13% from the first quarter of 2019.

The average scrap and scrap substitute cost per gross ton used in Q1 was $293, a 7% increase compared to $275 in the fourth quarter of 2019 and a 17% decrease compared to $352 in the first quarter of 2019.

Q1 net earnings fell 89% to $54.4 million.

The COVID-19 pandemic continues to have a “significant” impact on Nucor, the company stated.

“Our facilities around the country are each taking steps to respond to COVID-19 based on the nature of their operations and the actions being taken by their state and local governments.  We have restricted travel, upgraded the cleaning practices at our facilities and offices, implemented remote work for teammates wherever possible, and instituted social distancing measures throughout the company.”  Web: Nucor.com