Steel supplier Nucor Corporation's consolidated net sales for the first nine months of 2002 increased 6 percent to U.S. $3,335,000,000, compared with $3,160,000,000 in the first nine months of 2001. Average sales price per ton decreased 2 percent while total tons shipped to outside customers increased 7 percent. Nucor's consolidated net earnings for the current year's first nine months increased 38 percent to $119,200,000, compared with $86,500,000 in the first nine months of 2001.
In the third quarter of 2002, Nucor's consolidated sales increased 11 percent to $1,166,000,000, compared with $1,053,000,000 in last year's third quarter, due to a 3 percent increase in average sales price per ton and a 7 percent increase in total tons shipped to outside customers. Net earnings for this year's third quarter increased 91 percent to $39,200,000, compared with $20,500,000 in 2001.
Nucor said it established new third quarter and nine-month tonnage records for steel production, total steel shipments, and steel shipments to outside customers in 2002. In the first nine months of 2002, steel production was 10,034,000 tons, compared with 9,313,000 tons produced in the first nine months of 2001. Total steel shipments were 9,986,000 tons in the first nine months of 2002, compared with 9,252,000 tons a year earlier. Steel sales to outside customers were 9,118,000 tons in the first nine months of 2002, compared with 8,347,000 tons in 2001's first nine months.
Nucor is now producing prime, salable coils at the new facility that uses the Castrip® technology in Crawfordsville, Indiana. Nucor's team in Crawfordsville has also successfully broadened the product capability of the Castrip technology to include both electrical and stainless steels. Significant progress continues to be made towards achieving full commercialization of the Castrip process.
Accelerated Startup For Nucor Steel Decatur
In July of 2002, Nucor's wholly owned subsidiary, Nucor Steel Decatur, LLC, completed the purchase of substantially all the assets of the former Trico Steel Company, LLC located in Decatur, Alabama. Due to the strong demand for flat-rolled steel, Nucor decided during the third quarter to accelerate the start-up of Nucor Steel Decatur.
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