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NUCOR Reports Weaker Q2 Results

Steel News - Published on Fri, 19 Jul 2019

Image Source: SteelGuru
Nucor Corporation announced consolidated net earnings of USD 386.5 million for the second quarter of 2019. By comparison, Nucor reported consolidated net earnings of USD 501.8 million for the first quarter of 2019 and USD 683.2 million for the second quarter of 2018. In the first half of 2019, Nucor reported consolidated net earnings of USD 888.3 million, compared with consolidated net earnings of USD 1.04 billion in the first half of last year.

John Ferriola, Nucor's Chairman, Chief Executive Officer and President, said "Unusually wet weather and aggressive supply chain destocking impacted mill order rates in the first half of 2019. We have seen lower volumes during the first half of this year resulting in a more challenging price environment. However, real demand for our products remains strong in key end-use markets. We see healthy conditions in end-use markets that typically account for more than two thirds of our steel shipments. For this reason, we are cautiously optimistic that pricing has bottomed for most products and that volumes should be more closely aligned with real end-use demand in the second half of the year."

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Posted By : Sanju Moirangthem on Fri, 19 Jul 2019
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