Nucor revises forecast, expects loss

March 18, 2009 at 2:48AM

Nucor revises forecast, expects loss Steel manufacturer Nucor Corp. on Tuesday revised its first-quarter forecast and now expects a loss rather than a profit, saying demand from its customers has eroded more than expected and overall product pricing dropped. The Charlotte, N.C., manufacturer said it expects to report a first-quarter loss in the range of 55 cents to 65 cents a share. Nucor reported earnings of $1.41 a share in the year-ago quarter.

Nacchio seeks prison delay pending diagnosis Court documents say former Qwest Chief Executive Joe Nacchio might have skin cancer and wants to delay the start of his prison term for insider trading until doctors determine whether he needs surgery. Documents made public Tuesday say Nacchio has been under treatment for a "suspicious growth" on his leg, and that a doctor was scheduled to decide on Monday whether a biopsy was needed to determine if it is cancerous. Nacchio has been ordered to report to prison next Monday.

GM says bankruptcy would cause liquidation If General Motors Corp. were forced into Chapter 11 bankruptcy protection, the company would end up being liquidated because a long bankruptcy would scare customers away, CEO Rick Wagoner said Tuesday. Speaking at a breakfast in Washington, D.C., Wagoner said restructuring the company out of court would accomplish 99 percent of what could be achieved in bankruptcy, but without the risk of losing customers or the huge expense of Chapter 11.

More companies reducing executive pay A growing number of companies are freezing salaries, reducing bonus pools and making other major changes to their executive pay programs, a consulting firm reported Tuesday. Of 145 companies surveyed in the first week of March, Watson Wyatt said roughly half plan to decrease this year's bonus pool by an average of 40 percent. Also, 55 percent of companies have frozen salaries, up from 21 percent in the December survey.

19 banks get a total of $1.46 billion The government said Tuesday it had provided $1.46 billion to 19 banks in the latest payments from its $700 billion financial rescue fund. The Treasury Department said the new payments bring the total paid out in its program to buy banks' preferred stock to $198.5 billion. The largest payment in the latest round was $1.22 billion to Discover Financial Services of Riverwoods, Ill.; the smallest was $425,000 to Haviland Bancshares Inc. of Haviland, Kan.

Caterpillar to shed 2,400 workers in 3 states Caterpillar Inc. on Tuesday announced plans to lay off more than 2,400 employees at five plants in Illinois, Indiana and Georgia. Sales by the world's largest maker of mining and construction equipment have withered as the sluggish world economy and the credit crisis weaken demand for its products. Caterpillar in January announced job cuts that will ultimately eliminate 20,000 positions. It also said it would slash executive compensation and offer buyouts to about 25,000 U.S.-based employees.

Weyerhaeuser closes two lumber mills Timber and wood products company Weyerhaeuser Co., Federal Way, Wash., said Tuesday it closed two mills in Oklahoma and Oregon, as demand for lumber to build homes remains weak. The closures at the company's mills in Wright City, Okla., and Dallas, Ore., will affect about 307 workers, leaving Weyerhaeuser's total employment at around 19,000, spokeswoman Shannon Hughes said.

Past-due auto loans accelerate The percentage of auto loans past due 60 days or more rose 8.9 percent in the fourth quarter of 2008, compared with the prior-year period, according to credit reporting agency TransUnion. And numbers point to auto delinquencies shooting to their highest point in a decade by the end of the year. The rate rose to 0.86 percent for the quarter ended Dec. 31, compared with 0.79 percent in the 2007 fourth quarter.

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