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| Nucor Incurs $29.5M Net Loss in Q3 Results |
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US electric steelmaker Nucor Corp incurred a net loss of nearly $29.5 million or $0.10 per diluted share in its consolidated earnings results for the third quarter (July-September) of 2009. As a result, the world's largest electric steelmaker fell into the red for three consecutive quarters. But the net loss this time represented a considerable diminution, compared with nearly $133 million in net loss for the second quarter, thanks to increased shipments of products in a recovery of steel demand. Nucor announced its Q3 consolidated results of $3,120,005,000 in sales, down 58.1% from a year ago; $45,711,000 in pretax loss; and 29,538,000 in net loss, compared with a net profit of $734,590,000 a year ago. Also, the company posted a credit of $120 million its Q3 valuation of inventories with the last-in, first-out accounting method. The company's Q3 crude steel production totaled 4,433,000 tons, down 19.5% from a year ago, but it increased by 49.6% from a quarter ago. The Q3 sales volume of steel products totaled 5,114,000 tons, up 24% from a quarter ago, when their sales prices averaged $559/ton, up $2 from a quarter ago. The Q3 costs of raw materials such as ferrous scrap averaged $299/ton, down $13 from a quarter ago, when they came down by $234 from a year ago. The Q3 energy costs fell by nearly $9/ton as both electricity charges and natural gas prices had declined. For January-September 2009, Nucor reported its consolidated earnings results of $8,252,352,000 in sales, down 57.7% from the same period of 2008; and $352,520,000 in net loss, compared with a net profit of $1,725,098,000 then. The sales prices of steel products averaged $593/ton, down $313 from the corresponding period of 2008, while the costs of raw materials averaged $312, down $127. |
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| last modified : Thu 29 Oct, 2009 [09:57] |
