Steel Mills
October 22, 2019
Nucor Sees Bottom on Pricing and Destocking
Written by Sandy Williams
Nucor reported a decline in financial results as expected for the third quarter of 2019. Net earnings were $275 million, down from $386.4 million in Q2 and $676.7 million in Q3 2018. Consolidated net sales fell 7 percent from the previous quarter to $5.46 billion.
Steel shipments to outside customers declined 7 percent from last year to 6.56 million tons. Total steel mill shipments for the quarter decreased 8 percent year-over-year to 5.78 million tons with 21 percent of shipments directed to internal customers. Steel segment earnings were lower due to declining metal margins.
