September 16th Wallstreet Journal:
Nucor Corp. raised its third-quarter earnings target, citing improved performance -- including from recent acquisitions -- and a lower-than-expected accounting charge because of a significant decline in scrap prices.
The maker of steel from recycled metal now expects earnings of $2.15 to $2.20 a share. In July, the company forecast $1.80 to $1.85 a share, below Wall Street's then-estimates. Analysts' latest estimate was $1.93, according to a poll by Thomson Reuters. Year-earlier earnings were $1.29 a share.
Recent acquisitions made by Nucor include this year's $1.44 billion purchase of SHV North America, owner of North America's largest scrap purchaser and Nucor's broker of ferrous scrap.
In March 2007, Nucor acquired Harris Steel Group Inc. Those additions more than doubled Nucor's steel products' annual capacity.
Generally, a run-up in steel prices this year is offsetting record-high iron-ore costs and skyrocketing energy costs.