Nucor reports boost in Q1 earnings

Leading North American steel producer Nucor Corp. Thursday announced its net earnings for the first quarter of 2006 totaled $379.2 million, or $2.42 per share, up from the $354.7 million, or $2.20 per share, earned during the same period last year. Net sales for the first quarter of 2006 totaled $3.55 billion, up from $3.32 billion in the first quarter of 2005. The company attributes its strong Q1 results to its increases in steel production, shipments, and sales. Nucor stated in its news release that it expects the second quarter to be strong as well, with earnings in the range of $2.20 to $2.40 per net share. Nucor is the largest steel producer and recycler in the United States, with facilities in sixteen states. Nucor produces the following carbon and alloy products: bars, beams, sheet, plate, steel joists and joist girders, steel deck, cold finished steel, steel fasteners, metal building systems, and light gauge steel framing.