Nucor posted a 66% increase in profits because of rising demand for steel used in the energy and nonresidential construction sectors.
The Charlotte-based firm reported a profit of $245.4 million, or 76 cents a share, up from $147.6 million, or 46 cents a share, a year earlier. It was the second strong quarter announced this week by a US-based steelmaker.
On Monday, Fort Wayne, Ind.-based Steel Dynamics Inc. said its net profit had increased 59% to $91.2 million from $57.5 million. Sales rose more than 22% to $2.34 billion. On Oct. 28, US Steel Corp. is expected to report earnings per share of around 90 cents, compared with a loss of 14 cents a share a year ago, the Wall Street Journal reported.
The US HRC futures contract 3-month price saw the biggest increase at 1.9%, finishing at $630.00 per short ton for Thursday, October 23. The spot price of the US HRC futures contract saw little change in its price on Thursday at $642.00 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 ($136.77) and a low price of CNY 830.00 ($135.14) per dry metric ton. The price of Chinese HRC remained essentially flat at CNY 3,030 ($493.34) per metric ton. The price of Chinese coking coal held steady at CNY 1,390 ($226.32) per metric ton.
Also on the LME, the cash price of steel billet saw little movement on Thursday at $465.00 per metric ton. For the fifth consecutive day, the 3-month price of steel billet held flat on the LME at $455.00 per metric ton.