Nucor reports Q3 and Jan-Sept 2003 results
According to the recent news in the market,
US steel producer
Nucor has reported its Q3 results and first nine months of 2003 results, which are less than expected.
Nucor Corporation reported a 5% increase in its consolidated net sales for the third quarter of 2003, against the second quarter of this year to $1.6 billion and it is also 31% higher than the figure recorded in the third quarter of 2002. The officials of the company state that the sales are up due to increasing shipments, which have increased by 37% from the third quarter of 2002 and by 5% from the second quarter of 2003.
In the first nine months of 2003, the company acquired a consolidated net sales of $4.6 billion, which indicates an increase by 31% when compared with the figure of $3.5 billion recorded in the first nine months of 2002.
In the third quarter,
Nucor reported consolidated earnings of $16 million, compared with $39'200'000 recorded in the third quarter of 2002. However, consolidated earning which is recorded as $42'200'000 in the first nine months of 2003 is 59.1% lower than the consolidated earning of $119'200'000 recorded in the same period last year.
The officials of
Nucor state that the sharp decrease recorded in the consolidated earnings of the company is due to higher
scrap and energy costs, depression in the non-residential
construction and capital goods market and increased pre-operating and start-up costs.
Nucor expects this increase in the cost to have an impact on economic condition of the company in the fourth quarter.
Again in the same period of 2003,
Nucor has produced 13'015'000 tons of steel products which is 30% higher than the 10'034'000 tons produced in the first nine months of 2002. Furthermore, total steel shipments have also increased by 32% to 13'189'000 tons, when compared with the figure of 9'986'000 tons recorded in the same period of 2002.