1/26/2010
NEWS BRIEFS
Nucor Fastener Results for 2009

Nucor reported cold finished steel sales, including revenue from Nucor Fastener, slipped 4% to 87,000 tons during the final quarter of 2009.

For the year, cold finished steel sales declined 32% to 330,000 tons.

Overall sales at Nucor dropped 53% to $11.19 billion. Steel mill utilization rates decreased to 54% in 2009 from 80% the previous year.

Average sales price per ton increased 4% from the third quarter of 2009 and decreased 35% from the fourth quarter of 2008. Total tons shipped to outside customers were 4,638,000 tons in the fourth quarter of 2009, a decrease of 9% from the third quarter of 2009 and an increase of 8% over last year’s fourth quarter.

Nucor Fastener has continued its trade dispute by appealing the unanimous decision by the U.S. International Trade Commission to reject Nucor Fastener’s antidumping and countervailing petitions against certain standard fasteners from China and Taiwan.

“The U.S. fastener industry and its workers deserve a fair opportunity to present their case,” Nucor Fastener attorney Alan Price said.

According to Nucor Fastener’s appeal, U.S. production and capacity utilization decreased by 50% during the petition period; Chinese and Taiwanese imports grew to 56.8% of the market by “pervasively underselling U.S. fasteners by significant margins”; and that the U.S. industry lost production jobs, along with declines in shipments, investment, R&D and operating profit at a time when Chinese and Taiwanese producers “substantially increased capacity and inventories.”

According to the ITC, 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. Imports from Taiwan over the same time period decreased by 19.09% and were valued at an estimated $395 million in 2008.

The appeal is under review by the U.S. Court of International Trade. ©2010 GlobalFastenerNews.com

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Related Links:

• Nucor Fastener