On Wednesday, January 27, US-based steel company Nucor Corp. announced its financial results for the year 2008.
Accordingly, the company reports full year 2008 consolidated net earnings of a record $1.83 billion, compared with net earnings of $1.47 billion in 2007. Nucor's consolidated net sales for 2008 increased 43 percent to a record $23.66 billion, compared with $16.59 billion in 2007.
On the other hand, consolidated net earnings of $105.9 million for the fourth quarter of 2008 decreased 71 percent compared with $364.8 million earned in the fourth quarter of 2007 and declined 86 percent from the $734.6 million earned in the third quarter of 2008. In the fourth quarter of 2008, Nucor's consolidated net sales decreased six percent to $4.15 billion, compared with $4.40 billion in the fourth quarter of 2007 and fell 44 percent compared with $7.45 billion in the third quarter of 2008.
Total volumes shipped to outside customers were 3.108 million mt in the fourth quarter of 2008, a decrease of 39 percent from 5.156 million mt for the fourth quarter of 2007 and a drop of 49 percent from 6.079 million mt for the third quarter of 2008.
Total volumes shipped to outside customers were 18.998 million mt in 2008, a decrease of six percent from 20.273 million mt for the fourth quarter of 2007.
For the full year 2008, the increases in Nucor's sales and net earnings are attributable in part to the significant acquisitions made by Nucor in the last two years, including Harris Steel Group, Inc. in March 2007 and The David J. Joseph Company in February 2008. However, fourth quarter results were impacted by the decrease in end-use demand for steel and the consumption of higher cost raw materials purchased earlier in the year.