4/21/2016 4:07:00 PM
NEWS BRIEFS
Nucor Fastener Segment Sales Decline
Nucor Corp. reported cold finished steel sales, including results from Nucor Fastener, dropped 8.5% to 119,000 tons in the opening quarter of 2016.
Overall Nucor revenue decreased 16% to $3.72 billion in Q1 compared to the first quarter of 2015. Q1 revenue grew 7% from the fourth quarter of 2015. Net earnings increased 4.4% to $70.8 million.
Average sales price per ton in the first quarter of 2016 decreased 23% from the first quarter of 2015 and decreased 11% from the fourth quarter of 2015. Total tons shipped to outside customers totaled 6,148,000 tons, a 9% increase from the first quarter of 2015 and a 20% increase from the fourth quarter of 2015. Total first quarter steel mill shipments increased 16% from the first quarter of 2015 and increased 27% from the fourth quarter of 2015. First quarter downstream steel products shipments to outside customers decreased 1% from the first quarter of 2015 and decreased 6% from the fourth quarter of 2015.
The average scrap and scrap substitute cost per ton used during Q1 was $193, a decrease of 40% from $324 in the first quarter of 2015 and a decrease of 12% compared to $219 in the fourth quarter of 2015.
Overall operating rates at our steel mills increased to 74% in the first quarter of 2016 as compared to 65% in the first quarter of 2015 and 63% in the fourth quarter of 2015.
“Positive market factors included a small decline in import volumes and more balanced inventory levels at service center customers,” the company stated. “Energy, heavy equipment and agricultural markets remain weak.
“The automotive markets remain strong.”
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