Nucor Forecasts Slip in Quarterly Earnings

Nucor Corp. announced that the continued weak pricing environment for steel products and softening non-residential construction activity has reduced its third quarter earnings expectations.  In addition, an extended shut down for equipment modification on the caster at Nucor's new plate mill significantly increased start-up costs for the quarter.

"The third quarter has seen a continuation of the most challenging U.S. steel market conditions in two decades.  The anticipated second half 2001 recovery in the economy and manufacturing activity has not materialized. Pricing continues to reflect the impact of the illegal dumping of imports during the last few years.  Also, developing weakness in non-residential construction markets has hurt demand for our products.  However, our focus on cost cutting and quality initiatives has enabled Nucor to stay profitable in these very difficult conditions.  We are very optimistic about Nucor's prospects for the future, and we will continue the Nucor tradition of emerging from economic down-cycles stronger than before," said Dan DiMicco, president, CEO and vice chairman.