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Monday, June 24, 2024

Nucor’s fourth-quarter gross sales, revenue decline on decrease pricing, volumes By Reuters

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(Reuters) – Steelmaker Nucor Corp (NYSE:) posted a decline in its fourth-quarter revenue on Monday, harm by decrease pricing of its merchandise and gross sales volumes throughout all its segments.

The Charlotte, North Carolina-based firm produces iron and metal merchandise in addition to recycles scrap metallic utilized in automotive, railroad and development industries throughout North America.

“We stay optimistic that Nucor’s finest days are forward of us, with a resilient U.S. economic system,” mentioned CEO Leon Topalian.

Nucor mentioned it expects earnings at its metal mills and uncooked supplies segments to extend within the first quarter. It added that it expects earnings at its metal merchandise phase to fall attributable to decrease common promoting costs.

The corporate’s fourth-quarter income fell to $7.7 billion, in contrast with $8.72 billion a 12 months in the past.

Its internet earnings within the quarter ended Dec. 31 was about $785 million, or $3.16 per share, in contrast with $1.26 billion, or $4.89 per share a 12 months earlier.

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Nucor had projected a sequential decline in its fourth-quarter earnings in December.

Final week, peer Metal Dynamics (NASDAQ:) additionally reported a fall in its fourth-quarter revenue on decrease product pricing and better uncooked materials prices.

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