Steel Mills
April 28, 2020
Nucor Posts Profit in Q1 But Expects Loss in Q2
Written by Sandy Williams
Nucor Corp.’s sales and shipments saw healthy increases in the first quarter, prior to the coronavirus crisis. The first quarter was still a profitable one for the steelmaker, but the company is expecting a loss in the second quarter as the economy struggles with the government restrictions to stop the spead of COVID-19.
Nucor reported net earnings of $20.3 million in the first quarter of 2020 that included a $287.8 million writedown associated with its Italian beam mill, Nucor Duferdofin. Net sales increased 10 percent from the previous quarter to $5.62 billion. Average sales price per ton decreased 1 percent compared with Q4 2019 and 13 percent compared with Q1 2019.
