Steelmaker Nucor reports jump in 1Q earnings

CHARLOTTE, N.C. (AP) - Nucor Corp. says its first quarter earnings are up sharply on improving steel demand.

The manufacturer said Thursday it reversed a loss and posted net income of $31 million, or 10 cents a share, for the first quarter. A year ago, Nucor had a net loss of $189.6 million, or 60 cents per share.

Revenue surged nearly 40 percent to $3.65 billion.

Steelmakers are seeing signs that business is turning around after struggling for most of 2009 because of plummeting demand from their customers.

Nucor expects business to continue to improve in the second quarter although demand is still weak in the construction market.

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