Nucor Corp. Steel Mill Segment Earnings Slumped
The consolidated net sales witnessed a decline of 3% to total $5.90 billion over the quarter.
SEATTLE (Scrap Monster): Nucor Corporation announced results for second quarter of 2019. The company’s earnings from steel mills segment dropped, when compared with the first quarter of the year. Nucor recorded notable improvement in profitability of steel products segment. Meantime, the operating performance of the raw materials segment remained more or less similar to the prior quarter.
The consolidated net sales witnessed a decline of 3% to total $5.90 billion over the quarter. The average sales per ton too have declined by 3%. The company shipped a total of 6.724 million tons to outside customers. The total steel mill shipments by the company were down by 3% from the first quarter of the year.
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Nucor’s consolidated net sales totaled $11.99 billion in the first half of 2019, which was more or less similar to $12.03 billion reported during the initial half of the year. The total shipments to outside customers recorded decline by 5% to total 13.491 million tons in H1 2019. The average sales price per ton increased by 5%. The overall operating rate of Nucor’s steel mills reduced from 87% in Q1 ’19 to 84% in Q2.
Commenting on the outlook for third quarter of 2019, Nucor noted that performance of the raw materials segment is expected to decline, on account of further margin compressions in DRI businesses. The performance of steel products segment is likely to improve, whereas steel mills segment is likely to deliver subdued performance.
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