Operating rates at Nucor mills are expected to approximately 55 percent and 63 percent, respectively, for the beam and bar mills, and 85 percent and 90 percent, respectively, for the sheet and plate mills in the first quarter. By comparison, fourth quarter of 2009 operating rates were 44 percent and 53 percent, respectively, in the beam and bar mills, and 63 percent and 68 percent, respectively, in the sheet and plate mills. Orders, production and shipments in the steel mills are projected to be up 94 percent, 51 percent and 49 percent, respectively, over the first quarter of 2009, and are projected to be up 23 percent, 26 percent and 20 percent, respectively, over the fourth quarter of 2009. These projections are all estimates based upon current information.
First quarter results also show significant improvement in Nucor's scrap business.Nucor announces guidance for its first quarter earnings
Nucor Corporation Tuesday announced guidance for its first quarter ending April 3, 2010. Nucor expects first quarter results to be in the range of ($0.05) to $0.05 per diluted share, compared to a loss of $0.60 per diluted share in the first quarter of 2009 and earnings of $0.18 per diluted share in the fourth quarter of 2009. Operating results excluding LIFO are also reported to have improved significantly over the fourth quarter. Projected first quarter results include an estimated LIFO charge of $23 million compared to a credit of $117 million in the fourth quarter of 2009. The $140 million estimated increase in LIFO charges has an impact of approximately $0.29 per diluted share, after tax.