January 29, 2019 / 2:10 PM / 9 months ago

Nucor profit surges 68 percent

Jan 29 (Reuters) - U.S. steelmaker Nucor Corp reported a 68.5 percent surge in fourth-quarter profit on Tuesday, driven by robust economic growth and President Donald Trump’s hefty tariff on steel imports boosting shipments as well as prices.

Net income attributable to shareholders rose to $646.8 million in the fourth quarter ended Dec. 31, from $383.9 million, a year earlier. The company posted earnings per share of $2.07, compared with $1.20, a year earlier.

The No. 1 U.S. steelmaker’s net earnings in the same quarter a year ago included a gain of $175.2 million related to the impacts of U.S. federal tax legislation.

Revenue rose to $6.29 billion from $5.09 billion.

Reporting by Rachit Vats in Bengaluru; Editing by James Emmanuel

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