Manufacturers

Outgoing Nucor CEO Calls Steel Market a “Crapshoot”

Outgoing Nucor CEO Calls Steel Market a “Crapshoot”

In a story published by S&P Global, outgoing Nucor CEO said he does not see a big boost in steel sales for the rest of this year, and describes next year as a “crapshoot”.

Speaking before a meeting at the World Steel Association general session, Nucor Chairman and CEO John Ferriola said he is worried about next year’s presidential election and general economic uncertainty over the next 14 months. Ferriola told S&P Global, “The rest of this year will be pretty flat. Going into next year, it’s really a crapshoot. So I don’t really know how it’s going to play out next year.”

Ferriola did point to some positive news, especially the fact that manufacturing remains strong. He added that pricing is still strong, while demand has dipped slightly.

Last month, Ferriola announced he would be stepping down at Nucor at the end of this year, with Leon Topalian taking over on January 1. A little less than a year ago, Nucor announced a rebranding for Republic Conduit, under the new name Nucor Tubular Products – Republic Conduit, Inc. That name officially changed to Nucor Tubular Products in the fourth quarter of this year.

In 2018, Ferriola led the company to a record $2.36 billion in revenue.

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