Nucor Corp. reported a steep drop in earnings for the quarter. The company reported net earnings of $20.5 million, compared to $67.8 million the same time last year.
Consolidated sales for the quarter fell 9 percent to $1.05 billion from $1.16 billion. The company said it established new third-quarter tonnage records for steel production, total steel shipments and steel shipments to outside customers in 2001.
The U.S. steel industry has been struggling, hurt by falling prices and cheap foreign imports. More recently, cuts in auto production and construction and a loss in consumer confidence after the Sept. 11 attacks have worsened the outlook for the industry, analysts said.
For the first nine months Nucor reported sales dropped by 12 percent to $3.16 million, compared to $3.577 million the same time last year. The company attributed the drop to an 18 percent decrease in composite sales per ton.
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