Nucor posts 2009 first quarter results

Nucor Corporation announced a consolidated net loss of $189.6 million, or $0.60 per diluted share, for the first quarter of 2009. By comparison, Nucor earned $409.8 million, or $1.41 per diluted share, in the first quarter of 2008 and earned $105.9 million, or $0.34 per diluted share, in the fourth quarter of 2008.

Nucor’s consolidated net sales decreased 47 percent to $2.65 billion compared with $4.97 billion in the first quarter of 2008 due to a 43 percent decrease in total tons shipped to outside customers and a 7 percent decrease in average sales price per ton. Consolidated net sales decreased 36 percent compared with $4.15 billion in the fourth quarter of 2008 due to a 14 percent decrease in total tons shipped to outside customers and a 26 percent decrease in average sales price per ton.

The average scrap and scrap substitute cost per ton used remained flat at $333 in the first quarters of 2008 and 2009 and decreased 23 percent from $435 in the fourth quarter of 2008.

The steel mill utilization rate has decreased to approximately 45 percent in the first quarter from 92 percent in last year’s first quarter and 48 percent in the fourth quarter. As a result of this decreased utilization, total energy costs increased approximately $11 per ton from the first quarter of 2008 to the first quarter of 2009 and increased approximately $5 per ton from the fourth quarter of 2008.

In February, Nucor’s board declared a cash dividend of $.35 per share payable on May 12, 2009 to stockholders of record on March 31, 2009.

This dividend is Nucor’s one-hundred forty-fourth consecutive quarterly cash dividend, a record expected to continue.