Charlotte, North Carolina-based Nucor Corp. this week reported a slight increase in its first quarter earnings compared to the previous year.
The company's first quarter earnings registered at $381 million, compared to $380 million in Q1 '06, while revenue rose six percent from the same period a year ago to $3.77 billion.
The company said that while steel production fell four percent and shipments decreased one percent from the same period last year, the average sales price rose six percent in the first quarter, resulting in an increase in earnings. Scrap metal costs rose nine percent during the first quarter, but the company said that scrap costs decreased sharply in March and will likely continue to fall.
Due to lower scrap costs and higher prices for its products, Nucor expects a strong second quarter.