Price hikes holding on Galv. Nucor sold out! Is 40-50› 1st Q possible?
News Alert from Reuters via Quote.com
Topic: (NYSE:NUE) Nucor Corp,
Quote.com News Item #5532035
Headline: Nucor (NYSE:NUE) says 'made a mistake' on price hike
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PITTSBURGH, Feb 24 (Reuters) - Nucor Corp "made a mistake"
by not increasing galvanized sheet steel prices by $20 per ton
like its integrated competitors, John Correnti, Nucor's
president, said Tuesday.
"We made a mistake, we should have gone up $20 a ton,"
Correnti told Reuters in a brief phone interview.
Nucor recently raised prices on galvanized steel by $10 per
ton.
That price hike came after several integrated steelmakers,
including AK Steel Corp (NYSE:AKS) and U.S. Steel (NYSE:X), raised
prices on galvanized steel by $20 per ton.
Correnti said the market for galvanized steel is strong,
making it likely that a price hike of $20 per ton would have
been accepted by steel customers.
"We're sold out for the second quarter," he said. "The
galvanized business right now is very, very, very good."
When asked if Nucor would raise prices on galvanized steel
an additional $10 per ton to match its competitors, Correnti
said, "I don't know. We'll see what the order entry looks like.
Right now we're completely sold out for the second quarter."
Copyright 1998, Reuters News Service
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