Jason Sandefur

Nucor reported cold finished steel sales, including revenue from Nucor Fasteners, rose 22% to 394,000 tons during the first nine months of 2008.

Overall net earnings during the third quarter soared 93% to $734.6 million on 75% growth in sales to $7.45 billion. Average sales price per ton jumped 51% during Q3, while the average scrap and scrap substitute cost per ton increased 92% to $533. Total energy costs increased $7 per ton.

Nine-month sales climbed 60% to $19.51 billion, pushing net earnings up 56% to $1.73 billion. Average sales price per ton increased 30% during the period, while total energy costs increased $5 per ton.

The rise in sales and net earnings were attributed to the “significant” acquisitions made by Nucor in the last 21 months.

Given what it called the “global financial crisis,” Nucor declined to attempt a numeric projection for fourth quarter results, but the company did say it expects “another record year” in 2008. Web: nucor.com �2008 FastenerNews.com