Posted on 07/20/2018 4:59:29 AM PDT by GonzoII
Nucor posted the highest second-quarter profit in its history as the steelmaker ramped up output to meet demand from President Trump's 25 percent tariffs on imports from overseas competitors.
The Charlotte, N.C.-based company has benefited as Trump's duties reduced so-called dumping of illegally subsidized metals in the U.S. from foreign producers, said Chief Executive Officer John Ferriola. China, in particular, has long been criticized for undercutting steel prices, which harms American manufacturers.
"The tariffs send a clear message that the U.S. is done asking nicely for compliance with the rules of trade and is serious about demanding changes in the trade practices of other countries," Ferriola said on an earnings call. "We believe these efforts will lead to a freer, fairer trade that will benefit manufacturers, our customers and American workers by creating a stronger domestic economy."
Imposed on national security grounds, the duties were intended to bolster demand for U.S. goods, and Nucor's increasing use of its production capacity shows the strategy may be working. Utilization rose 6 percentage points to 95 percent, the company said in a statement.
Earnings of $2.13 a share surpassed the $2.10 average estimate from Wall Street analysts, and net income more than doubled to $683 million.
(Excerpt) Read more at washingtonexaminer.com ...
A 1% change is not a very big deal
“Nucor’s increasing use of its production capacity shows the strategy may be working.”
may?
this is a big deal. doubled its net income.
Help NUCOR, Hurt the economy. WIN!
I see what you did there.
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