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Nucor uncertainty, Waguespack, Hecht to speak to Chamber; GNO Inc. annual meeting
Written by  // Thursday, 28 January 2016 11:30 // News//
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The Advocate is reporting that “Nucor Corp. has written off $84.1 million worth of engineering and equipment for a proposed $1 billion blast furnace in St. James Parish, but the company may still build one.

Nucor has already built the first phase of the project: a $750 million, direct reduced iron plant at St. James that employs 170 people.

But the uncertain commodities market hampered those plans, and Nucor missed a year-end deadline to give the state its final investment decision on the complex.

“While we did not move forward with those plans, a potential blast furnace, DRI facility or steel mill project is not off the table,” spokeswoman Katherine Miller said Thursday.

http://theadvocate.com/news/14706795-123/nucor-drops-planned-1-billion-st-james-blast-furnace-project-takes-84-million-charge

From Nucor:

Nucor Corporation (NYSE: NUE) announced today fourth quarter of 2015 adjusted consolidated net earnings of $144.7 million, or $0.46 per diluted share. Adjusted fourth quarter of 2015 consolidated net earnings of $0.46 per diluted share was above our quantitative guidance of $0.15-$0.20 per diluted share due to a larger than forecasted LIFO credit and better than forecasted performance in our steel mills segment. This adjusted net earnings excludes a $153.0 million ($0.48 per diluted share) impairment charge related to our Duferdofin Nucor S.r.l. joint venture and an $84.1 million ($0.17 per diluted share) impairment charge on assets which are primarily engineering and equipment related to the current blast furnace project that we concluded in the fourth quarter of 2015 will not be utilized in the future at our St. James Parish, Louisiana site. Including these two impairment charges, Nucor's consolidated net loss for the fourth quarter is $62.0 million, or $0.19 per diluted share. This compares with consolidated net earnings of $227.1 million, or $0.71 per diluted share, for the third quarter of 2015 and consolidated net earnings of $210.4 million, or $0.65 per diluted share, in the fourth quarter of 2014.  Nucor reported consolidated net earnings of $357.7 million, or $1.11 per diluted share, for the full year 2015, which compares with consolidated net earnings of $713.9 million, or $2.22 per diluted share, for the full year 2014. A reconciliation of Adjusted Net Earnings to Net Loss Attributable to Nucor Stockholders for the fourth quarter of 2015 is as follows:

 Waguespack, Hecht and Jefferson Chamber

The Jefferson Chamber will host a breakfast to discuss Louisiana’s economic development and the challenges and opportunities for the business community in the 2016 state legislative session. Peter Ricchiuti, Tulane University business professor and host of NPR’s Out to Lunch, will moderate the discussion featuring LABI president Stephen Waguespack and GNO, Inc. President Michael Hecht.

The breakfast is scheduled for Wednesday February 3, 2016 at the Chateau Country Club in Kenner

 GNO Inc. Annual Meeting

The annual meeting, “GNO, Inc. Annual Meeting: Leading to the Future” is scheduled for March 10, 2016 with a 11:00 AM Registration, 12:00 PM Program. It will be held at the Hyatt Regency, in New Orleans.

The Annual Meeting event will draw over 1,000 business and civic leaders from across the 10-parish region to highlight the organization’s successes over the past year, install the 2016 Board of Directors and NextGen Council, and hear more about Leading to the Future.

(Image Above: Michael Hecht)

 

Last modified on Thursday, 28 January 2016 12:28

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