Nucor sees scrap balance emerging

Jul 20, 2012 | 11:48 AM | Lisa Gordon

Tags  scrap prices, Nucor, Daniel DiMicco, Jim Frias, John Ferriola, Lisa Gordon

PITTSBURGH — A steep decline in scrap selling prices, reduced flows into scrapyards and renewed export activity seem to have brought balance to the scrap market, Nucor Corp. executives said, noting that the pricing downturn that started in mid-January appears to have wound down.

"There’s been over a $110 (per ton) drop in scrap over the past couple of buys and some of that may be given back to the market. That remains to be seen, how much, if any," Nucor chairman and chief executive officer Daniel DiMicco said during a quarterly earnings conference call. "There seems to be some indication of stabilization in scrap after the last combined drops."....

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