Nucor Reports Jump in Q1 Earnings

Revenue surged nearly 40% to $3.65 billion.

Nucor Corp. says its first quarter earnings are up sharply on improving steel demand.

The manufacturer said on April 22 it reversed a loss and posted net income of $31 million, or 10 cents a share, for the first quarter. A year ago, Nucor had a net loss of $189.6 million, or 60 cents per share.

Revenue surged nearly 40% to $3.65 billion.

Steelmakers are seeing signs that business is turning around after struggling for most of 2009 because of plummeting demand from their customers.

Nucor expects business to continue to improve in the second quarter although demand is still weak in the construction market.

Copyright 2010 The Associated Press.

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