Nucor Corp. reported Cold Finished Steel segment sales, including results from Nucor Fastener, rose 3% to 122,000 tons in the opening quarter of 2017.

Consolidated net sales increased 22% to $4.82 billion in Q1 from $3.96 billion in the fourth quarter of 2016 and increased 30% compared with $3.72 billion in the first quarter of 2016.

Net earnings nearly quadrupled to $356.9 million in Q1.

“Earnings in the first quarter of 2017 were the highest Nucor has had in recent years, and we expect earnings in the second quarter of 2017 to improve compared to the first quarter of 2017.”

Average sales price per ton increased 8% compared to the fourth quarter of 2016 and increased 21% from the first quarter of 2016. Total tons shipped to outside customers were 6,584,000 tons in Q1, a 13% increase from the fourth quarter of 2016 and a 7% increase from the first quarter of 2016. 

Downstream steel products shipments to outside customers decreased 3% from the fourth quarter of 2016 and increased 3% from the first quarter of 2016.

“We expect increased profitability for our downstream products segment in the second quarter of 2017 as compared to the first quarter of 2017 due to seasonal factors as improving weather conditions benefit nonresidential construction markets.”

The average scrap and scrap substitute cost per ton used during Q1 was $284, an increase of 20% from $236 in the fourth quarter of 2016 and an increase of 47% compared to $193 in the first quarter of 2016.

Overall steel mill operating rates increased to 89% compared to 74% in the fourth quarter of 2016 and 80% in the first quarter of 2016.

“Imports continue to impact the U.S. steel industry,” the company stated. “Important trade cases in cut-to-length plate, steel concrete reinforcing bar (rebar) and steel wire rod are in progress, which are helping to stop the flood of dumped and subsidized products from foreign producers.”

In March 2017, Nucor filed a new trade case against steel wire rod imports from ten countries. The wire rod case is in the preliminary phase. Web: nucor.com