4/24/2014 12:39:00 PM
NEWS BRIEFS
Nucor Fastener Segment Sales Climb
Nucor Corp. reported cold finished steel sales, including results from Nucor Fastener, rose 13% to 138,000 tons in the opening quarter of 2014.
Overall Nucor sales increased 12% to $5.11 billion, with net earnings grew 31% to $111 million compared to the first quarter of 2013 but declined 35% compared to $170.5 million in earnings reported in the fourth quarter of 2013.
“The largest factor contributing to this decrease was severe weather conditions, which disrupted customer demand, decreased the amount of railcar availability, contributed to increased energy costs at our steel mills and exacerbated conditions in the seasonally weaker performance of our fabricated construction products businesses,” the company stated.
Average sales price per ton increased 3% over the first quarter of 2013 and increased 1% over the fourth quarter of 2013.
Total tons shipped to outside customers were 6,189,000 tons in the first quarter of 2014, an 8% increase over the first quarter of 2013 and a 3% increase over the fourth quarter of 2013, despite severe weather conditions.
Total first quarter steel mill shipments increased 5% from the final quarter of 2013 and increased 7% over the first quarter of 2013.
The average scrap and scrap substitute cost per ton used during the first quarter of 2014 was $398, an increase of 5% from $379 in the first quarter of 2013 and an increase of 6% compared to $377 in the fourth quarter of 2013.
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