Nucor Posts Strong 3Q Results, Beats Estimates

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Nucor Corp., the top US steelmaker, posted a strong quarterly profit on Thursday as the growing economy fueled demand for its auto, construction, and oil and gas industry products.

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The Charlotte, N.C.-based company posted a third-quarter net profit of $245.4 million, or 76 cents a share, up from $147.6 million, or 46 cents a share, a year earlier. Sales rose 15% to $5.7 billion. Analysts expected Nucor to post a profit of 74 cents a share on sales of $5.4 billion, according to Thomson Reuters I/B/E/S.

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Chinese steel prices closed 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. Chinese HRC saw little change in its price yesterday at CNY 2,980 ($485.20) per metric ton. For the fifth consecutive day, the price of Chinese coking coal held flat at CNY 1,390 ($226.32) per metric ton.

The steel billet cash price continues hovering around $465.00 per metric ton on the LME for the fifth day in a row. The steel billet 3-month price saw essentially no change on the LME for the fifth day in a row, remaining around $455.00 per metric ton.

The US HRC futures contract 3-month price held steady on Thursday, remaining around $635.00 per short ton. The US HRC futures contract spot price saw little movement at $642.00 per short ton.

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