A friend sends the following Bloomberg headlines about Nucor Steel, which just reported Q1 earnings.
*NUCOR SAYS IT IS EXTREMELY UGLY OUT THERE
*NUCOR SAYS WE DON’T SEE ANY IMPROVEMENT SOON
*NUCOR WE HAVE NEVER SEEN THIS LOW UTLITIZATION IN OUR HISTORY
*NUCOR SEES A LONG-TIME BEFORE STIMULUS FOR AUTO INDUSTRY FELT
*NUCOR WHEN ENTIRE INDUSTRY IS RUNNING AT 40% THERE IS NO DEMAND
Here’s a snippet of the transcript:
Severity of this downturn is unprecedented.
Steel production capacity utilization numbers in the American iron and steel industry tell the story.
First quarter 2009 steel production in the United States declined 53% from the year ago quarter.
Industry capacity utilization for the just completed quarter was less than 43%, down from the first quarter of 2008 rate of more than 90%.
Nucor is not immune to these conditions.
An economic crisis unlike anything seen in our lifetime.
What, no green shoots?