Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Bloomberg Customers

Nucor Profit Exceeds Analysts’ Estimates as Scrap Prices Decline

Nucor Corp., the largest U.S. steelmaker by market value, posted third-quarter profit that beat analysts’ estimates after a decline in the price of scrap metal used as a raw material.

Net income declined to $110.3 million, or 35 cents a share, from $181.5 million, or 57 cents, a year earlier, the Charlotte, North Carolina-based company said today in a statement. Earnings excluding a loss on an asset sale and a charge related to the purchase of inventory were 45 cents, exceeding the 43-cent average of 14 estimates compiled by Bloomberg.

Sales dropped 8.6 percent to $4.8 billion from $5.25 billion, missing the $4.83 billion average of 14 estimates.

The average scrap costs in the quarter decreased 11 percent to $380 a ton from $427 in the previous quarter and 15 percent from a year earlier, Nucor said in the statement.

Steelmaking costs at U.S. electric arc furnaces, a type of plant Nucor uses to remelt scrap, averaged $524 a metric ton in the quarter, 16 percent less than a year earlier, according to data compiled by Bloomberg. The price of No. 1 heavy melt, a grade of scrap steel, dropped 17 percent to $365 a ton in the same period, according to Metal Bulletin data.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.