Nucor Corporation released consolidated net earnings of $111.0 million, or $0.35 per diluted share, for the first quarter of 2014, today. By comparison, Nucor reported net earnings of $84.8 million, or $0.26 per diluted share, for the first quarter of 2013 and net earnings of $170.5 million, or $0.53 per diluted share, in the fourth quarter of 2013.
Nucor’s consolidated net sales increased 12% to $5.11 billion in the first quarter of 2014 from $4.55 billion in the first quarter of 2013 and increased 4% compared with $4.89 billion in the fourth quarter of 2013.
The 3-month price of the US HRC futures contract saw a 0.9 percent drop on Wednesday, April 23, landing at $648.00 per short ton and making it the biggest mover of the day. The US HRC futures contract spot price saw little movement at $656.00 per short ton.
Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.67) and a low price of CNY 830.00 ($133.07) per dry metric ton. Chinese HRC held its value on Wednesday at CNY 3,450 ($553.11) per metric ton. The price of Chinese coking coal continues hovering around CNY 1,390 ($222.85) per metric ton for the fifth day in a row.
The cash price of steel billet saw essentially no change on the LME for the fifth day in a row, remaining around $390.00 per metric ton. The steel billet 3-month price held steady on the LME at $400.00 per metric ton.