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.
Nucor Announces Guidance For Its Third Quarter Earnings
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