Nucor's net earnings fell in the first half 2003

Nucor’s net earnings fell in the first half 2003

Largest US steelmaker Nucor Corp., located in North Carolina, announced that company's consolidated net earnings for the first half of 2003 fell to $26.2 million with a 67% decrease with the impact of higher scrap and energy costs. Also, weak demand from non-residential construction and capital goods markets had a negative effect on the net earnings. Nucor's consolidated net earnings for this year's second quarter were $8.4 million compared to $59.7 million in the second quarter of 2002. At the same time, Nucor's consolidated net sales for the first half of 2003 increased by 32% to $3 billion from $2.2 billion recorded in last year's first half. Company's steel production recorded a 27% increase in the first half 2003 and grew up to 8.5 million tons when compared to 6.7 million tons in the same period a year ago. Nucor's total shipments reached to 8.6 million tons in the first half of 2003 which refers to a 30% increase compared to first half of 2002, while 7.9 million tons of this amount shipped to abroad customers. Nucor stated that, as a result of weak economic conditions and depressed levels of non-residential construction, they expect third quarter earnings will continue to impact the third quarter of 2003.