Nucor, a manufacturer of carbon and alloy steel, reported net earnings $379.2 million for the first quarter of 2006, which was an increase of 7% over the first quarter of 2005.
The year is starting out strong for Nucor, which saw record sales in its steel mills segment for steel production, total steel shipments and steel sales to outside customers. Steel production increased 13% compared withto first quarter 2005.
Net sales also saw an increase of 7% to $3.55 billion compared with $3.32 billion in the first quarter of 2005 and increased 11% compared with $3.21 billion in the fourth quarter of 2005.
Nucor also completed the purchase of Connecticut Steel Corp. in May for $43 million. The company, located in Wallingford, Conn., will "offer a complementary product offering to our existing bar products group in the construction services segment," according to CEO Dan DiMicco.
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