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Nucor's 2Q: another loss

http://66.225.205.104/SO20090723.mp3

Nucor Corportation has reported a loss for the second quarter in a row. But the country's largest steelmaker fared better in the second quarter than analysts had expected. WFAE's Simone Orendain reports: Nucor posted a net loss of $133 million or 43 cents a share in its second quarter. For the same period a year ago, the Charlotte-based company reported net earnings of $581 million or a $1.94 a share. The company says the loss was driven by weak demand for steel and having an excess amount of raw materials that were priced high before the economy took a nosedive. In a conference call Thursday afternoon, Nucor CEO Daniel DiMicco told investors the company is being very cautious about a recovery. "The reality for our economy is that this is going to be a very slow, gradual uptrend. And so far we haven't stopped bouncing along the bottom and in some cases we haven't stopped going down," said DiMicco. This is the second quarter in a row that Nucor is posting a loss. In the first quarter it reported a net loss of $190 million. This year marked the first time the company reported a loss after decades of posting earnings.