CONVENT, LA (AP) — The equipment failure that shut down Nucor Steel Louisiana's plant in Convent won't be remedied until late in the first quarter.
The company tells The Advocate’s Ted Griggs production at the direct reduced iron plant stopped on Nov. 2, when the process gas heater failed. The company says repairs are underway.
Officials say the shutdown will result in a fourth-quarter loss for Nucor Steel Louisiana of about $30 million, or 6 cents per share. Still, the company expects an overall profit in the range of 50 cents to 55 cents per share. A year ago, Nucor earned 53 cents per share.
The Louisiana plant burns natural gas to make high-purity pellets from iron ore. Nucor mixes those pellets with scrap metal to make steel.
