Nucor 2Q Earnings Up 68%

July 17, 2008
Strong steel prices and demand contribute to growth.

Steel maker Nucor Corp. said July 17 growing demand and higher prices for its products pushed its second-quarter earnings up 68% over the year-earlier period.

The Charlotte-based company reported profit of $580.8 million, or $1.94 a share, compared with $344.9 million, or $1.41 a share, in second-quarter 2007.

Nucor's revenue rose 70% to $7.09 billion. The average sales price per ton increased 24% over the year-earlier period, while shipments increased 26%.

Acquisitions of Harris Steel Group Inc. in March 2007 and The David J. Joseph Co. in February also contributed to the revenue and profit increases.

The company expects strong global demand for steel will keep its earnings per share during the third quarter in the $1.80 to $1.85 range.

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