This morning in metals news: Nucor Corporation has reached an agreement to acquire the Precoat Metals Corporation’s paint line facility in Armorel, Arkansas; Constellium recently released its Q3 financial results; and the U.S. HRC price continues to rise.
The MetalMiner 2021 Annual Outlook consolidates our 12-month view and provides buying organizations with a complete understanding of the fundamental factors driving prices and a detailed forecast that can be used when sourcing metals for 2021 — including expected average prices, support and resistance levels.
Nucor to buy Arkansas paint line facility
Nucor plans to acquire the Precoat Metals Corporation paint line facility in Armorel, Arkansas, the steelmaker announced recently.
“The paint line facility, located near the Nucor Steel Arkansas sheet mill campus, has a capacity of approximately 250,000 tons per year,” Nucor said in a release. “Nucor considered building a greenfield paint line before deciding to acquire the Precoat Metals facility.”
Constellium reports Q3 financial results
Aluminum product manufacturer Constellium reported Q3 net income of €20 million (U.S. $23.7 million) compared to net income of €1 million ($1.2 million) in Q3 2019.
For the first nine months of 2020, Constellium reported a net loss of €43 million ($51.1 million) compared to net income of €42 million ($49.9 million) in the equivalent period in 2019.
“I am very proud of our third quarter results, including our Free Cash Flow performance of €75 million in the quarter,” Constellium CEO Jean-Marc Germain said. “Packaging & Automotive Rolled Products reported record quarterly Adjusted EBITDA. Aerospace & Transportation maintained a strong focus on costs in the face of difficult market conditions. Automotive Structures & Industry benefited from better-than-expected market conditions and improved operational performance in Automotive Structures. These results further demonstrate the benefits of our end market diversification and our intense focus on costs.”
U.S. HRC rises
Finally, the U.S. hot-rolled coil price closed Thursday at $675 per short ton, up 14.6% from a month ago.
The HRC price has been rising since late August, when the price fell to $454 per short ton Aug. 20.
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