Nucor Corp. Earnings Rise 19% in Q3
by October 26, 2016 2:05 pm 219 views
Steelmaker Nucor Corp. (NYSE: NUE), which operates three large steel mills in northeast Arkansas, announced a double increase of net earnings in the company’s third quarter earnings report for 2016 when compared to the third quarter of 2015 and the previous quarter this year.
The producer of steel and related products reported third quarter net earnings of $270 million, or $0.84 per diluted share compared with $233.8 million ($0.73 per diluted share) in the second quarter of 2016 and $227.1 million ($0.71 per diluted share) for the same period last year.
In the first nine months of 2016, Nucor reported consolidated net earnings of $547.6 million, or $1.79 per diluted share, compared with consolidated net earnings of $419.7 million, or $1.30 per diluted share, in the first nine months of 2015.
In September, the company announced the addition of the specialty cold mill complex at its Nucor Steel Arkansas division. The specialty cold mill complex will expand Nucor’s capability to produce advanced high-strength, motor lamination, and high-strength low-alloy steel products. The new mill and expanded annealing capacity will cost an estimated $230 million to build and is expected to be in operation in approximately two years.
The addition will give Nucor the capability to produce products the company currently does not make, adding to Nucor’s comprehensive product portfolio and further differentiating Nucor from its competitors as the leader in providing solutions to its customers, the company said in a statement.
Full details from the earnings report are available at this link.