Nucor Announces Guidance For Its Third Quarter Earnings

Our lower performance in the third quarter of 2012 is mainly due to decreased operating performance at our steel mills, which experienced decreased profitability, particularly at our sheet mills, compared to the second quarter of 2012.  Lower steel mill margins are primarily the result of rising imports, which began trending up at the end of 2011 and have continued through the first nine months of 2012.  Slowing economic growth both domestically and globally are also factors.  Volatility in scrap prices, together with a combination of political and economic uncertainty in global markets that is beginning to affect steel buyer confidence, has also disrupted supply chain stocking levels.  The strongest end markets continue to be manufactured goods including heavy equipment, energy and automotive. 

Nucor and affiliates are manufacturers of steel products, with operating facilities primarily in the U.S. and Canada. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; steel grating and expanded metal; and wire and wire mesh. Nucor, through The David J. Joseph Company, also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.

Certain statements contained in this news release are "forward-looking statements" that involve risks and uncertainties.  The words "believe," "expect," "project," "will," "should," "could" and similar expressions are intended to identify those forward-looking statements.  Factors that might cause the Company's actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) the sensitivity of the results of our operations to prevailing steel prices and the changes in the supply and cost of raw materials, including scrap steel; (2) market demand for steel products; (3) energy costs and availability; and (4) competitive pressure on sales and pricing, including competition from imports and substitute materials.  These and other factors are outlined in Nucor's regulatory filings with the Securities and Exchange Commission, including those in Nucor's December 31, 2011 Annual Report on Form 10-K.  The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them.

SOURCE Nucor Corporation

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

« First ‹ Previous 1 2