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Nucor may report further losses because of Chrysler bankruptcy

Bloomberg quoted Mr Dan DiMicco CEO of Nucor Corporation as saying that it may report further losses because of Chrysler LLC's bankruptcy and any other automakers that follow.

Mr DiMicco said that "There will be a dramatic impact on manufacturing and steel consumption. Bankruptcy may be more of an option for General Motors in the not too distant future, so a major steel consuming industry has yet to work its way through a solution to their problem."

In April 2009, Nucor reported its first quarterly net loss and larger rival US Steel Corporation announced a first quarter loss that was more than double analysts’ estimates as consumption dropped and prices fell. They are the two largest US producers.

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