5/17/2010
HEADLINES
Stock Report: NUCOR

Nucor reported cold finished steel sales, including revenue from Nucor Fastener, jumped 39% to 111,000 tons during the opening quarter of 2010, up 27% over the previous quarter.

In 2009 cold finished steel sales declined 32% to 330,000 tons, while overall sales at Nucor dropped 53% to $11.19 billion.

Nucor Fastener filed antidumping and countervailing petitions with the U.S. Commerce Department in September 2009. The petitions allege average dumping margins of 145% for Chinese imports, and 74% for imports from Taiwan.

Importers strongly criticized Nucor Fastener for seeking tariffs on low-carbon standard fasteners that haven’t been produced in the U.S. since the 1960s.

The U.S. International Trade Commission unanimously rejected Nucor Fastener’s petitions in November, terminating the preliminary investigation. Nucor Fastener has appealed that decision, claiming that U.S. production and capacity utilization decreased by 50% during a time when Chinese and Taiwanese imports grew to 56.8% of the market; and that the U.S. industry lost production jobs, along with declines in shipments, investment, R&D and profit while Chinese and Taiwanese producers “substantially increased capacity and inventories.”

The appeal is under review by the U.S. Court of International Trade.

From 2006 to 2008 imports of certain standard steel fasteners from China increased by 4.48% and were valued at an estimated $291 million in 2008, according to ITC figures. Imports from Taiwan over the same time period decreased by 19.09%.

Capacity at Nucor’s highly automated fastener facility is more than 75,000 tons. Nucor entered the fastener business in 1986 when it opened its $25 million plant in St. Joe, IN. Web: nucor-fastener.com

Corporate Office: 2100 Rexford Rd., Charlotte, NC 28211.
Tel: 704 366-7000 Fax 704 362-4208

Web: nucor.com

CEO: Daniel Dimicco, 58

Key fastener executives: Mike Parrish, executive vice president, bar products; Tom Miller, general manager of fastener division; Jim Witucki, national sales manager

Employees: 20,400

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