Nucor will not reopen its direct reduced iron facility in St. James following scheduled maintenance operations this quarter until the price of raw materials rises above the current rates, the company announced today in its fourth quarter earnings report.
Buried in the fourth paragraph of a news release, the announcement comes as the steel producer admits to shareholders that its fourth quarter results are expected to be in the range of 15 cents to 20 cents per diluted share, a marked decrease from 65 cents per diluted share in last year’s fourth quarter and 71 cents per diluted share in this year’s third quarter.
“Operating performance at the steel mills segment in the fourth quarter of 2015 is expected to decrease from the third quarter of 2015,” Nucor’s report says. “Our sheet and bar steel mills in particular have experienced decreased margins as selling prices have eroded more than the decline in raw material pricing.”
The company makes no mention of what will happen to the workers and representatives with the Charlotte, North Carolina-based company, which did not return calls seeking comment by this afternoon’s deadline.
The facility had been expected to employ about 150 workers, though it is unclear how many work at the plant.
