This Morning in Metals: Nucor Corporation reports Q3 2020 financial results

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This morning in metals news: Nucor Corporation released its Q3 2020 financials; Cleveland-Cliffs also unveiled its Q3 2020 results; and battery-storage costs in the U.S. dropped significantly from 2015-2018.

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Nucor Corporation reports Q3 financials

Nucor Corporation released its Q3 2020 financial results on Thursday, reporting earnings of $193.4 million.

The Q3 earnings total marked a decline from the $275.0 million reported in Q3 2019. Meanwhile, for the first nine months of the year, earnings reached $322.6 million. Through the first nine months of 2019, earnings reached $1.16 billion.

“Nonresidential construction market conditions remained strong throughout the quarter, while the automotive market’s recovery accelerated,” Nucor said in its Q3 report. “The results of the steel mills segment improved in the third quarter of 2020 as compared to the second quarter of 2020, led by Nucor’s bar and structural mills. Market conditions for the Company’s sheet and plate mills remained challenged.”

Cleveland-Cliffs reports Q3 results

In addition to Nucor Corporation, Cleveland-Cliffs reported Q3 net income of $2.2 million.

The Q3 total marked a decline from the $91.8 million in Q3 2019 income.

Through the first nine months of 2020, Cliffs reported a loss of $154.8 million. Meanwhile, for the first nine months of 2019, Cliffs reported income of $231.1 million.

Battery-storage costs down nearly 70%

Finally, U.S. battery-costs fell by nearly 70% from 2015 to 2018, the Energy Information Administration reported.

“The average energy capacity cost of utility-scale battery storage in the United States has rapidly decreased from $2,152 per kilowatthour (kWh) in 2015 to $625/kWh in 2018,” the EIA reported. … “At the end of 2018, the United States had 869 megawatts (MW) of installed battery power capacity (the maximum amount of power a battery can provide at a given moment) and 1,236 megawatthours (MWh) of battery energy capacity (the total amount of energy that can be stored by a battery).

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