Third quarter earnings better than 2012
Last month’s collapse of a storage dome at Nucor Corp.’s Convent facility caused the company to take a $14 million write-down in its third quarter earnings.
Nucor said the write-down of inventory and fixed asset balances came to 3 cents per diluted share.
The company announced earnings Thursday of $147.6 million, or 46 cents per share. That’s an improvement over the $110.3 million, or 35 cents a share, in earnings during the third quarter of 2012.
The start of operations at Nucor Steel Louisiana has been delayed until the end of the year.
Nucor was a few weeks away from starting production at the direct reduced iron plant in St. James Parish when the dome collapsed Sept. 25. No one was injured and there was no environmental impact.
The $750 million plant will use natural gas to convert iron ore pellets into “direct-reduced iron,” also called “sponge iron,” which is then used to make steel.
The collapsed dome was one of three set up to store iron ore pellets.
Nucor said construction and testing of the plant operations are continuing while the accident is investigated and damage assessed.