Nucor’s profit in 4th qtr. to just beat break-even
Dec 09, 2008 | 11:20 AM
| Scott Robertson
Nucor Corp. expects to turn a profit in the fourth quarter, but likely will be "only marginally above the break-even level," the Charlotte, N.C.-based company said in issuing fourth-quarter guidance Tuesday.
The full-year still might be a record for Nucor based on the results of the first nine months of the year, but fourth-quarter results will reflect the effects of the financial crisis on the global economy and the steel markets.
"We have never been confronted with the economic and steel market conditions that we are seeing today," Daniel R. DiMicco, Nucor's chairman, president and chief executive officer, said in a statement. "However, our team is confident that Nucor's position of strength will allow us to capitalize on our company's substantial competitive advantages."
Nucor is more upbeat about prospects for the first quarter of 2009, when the company expects to benefit from more recent purchases of lower-cost scrap and pig iron, as well as order levels more closely aligned with customer demand, he said.....
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