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Nucor Takes $14M Write-Down On Dome Collapse

Mon, 10/21/2013 - 9:35am
The Associated Press

CONVENT, La. (AP) -- The storage dome collapse at Nucor Corp.'s plant in Convent, La., has prompted the company based in Charlotte, N.C., to take a $14 million write-down in its third quarter earnings.

The write-down of inventory and fixed asset balances came to 3 cents per diluted share, the company said.

It announced earnings Thursday of $147.6 million, or 46 cents per share — an improvement over the $110.3 million, or 35 cents a share, from the third quarter of 2012, The Advocate (http://bit.ly/16l4It4) reported.

Startup at Nucor Steel Louisiana has been delayed until the end of the year.

The company had been a few weeks from starting production in St. James Parish when the dome collapsed Sept. 25. No one was hurt 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.

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