(April 4, 2024) In a move to enhance customer value and transparency, Nucor announces the launch of the Nucor Consumer Spot Price (CSP) for hot rolled coil. Effective April 8th, this innovative program offers consistent and clear communication of weekly spot pricing, empowering customers to make informed business decisions with reduced reliance on speculation.
The Announcement
In our continued efforts to add value to you and your customers, we are excited to introduce the Nucor Consumer Spot Price (CSP). The CSP will take the form of consistent and transparent communications to our customers of our hot rolled coil spot pricing.
Our businesses are more complex than ever and the speed of change in our markets is increasing. We want to be the partner who not only offers a quality product and service when you need it but complements that with relevant and current information about our business, enabling you to make more informed and timelier decisions about your business. We believe the CSP will do exactly that, reducing your reliance on speculation while reducing risk.
The Nucor culture has been shaped through our entrepreneurial history, open communication and caring. Our culture has built healthy relationships with a foundation of integrity and trust.
This is true with our teammates, shareholders and with you, our partners. In keeping with our culture, we developed the CSP as the next step in an even deeper connection with you and your business.
The CSP will be administered as follows:
• Every Monday at 10:00 AM EST, we will communicate to Nucor customers our hot rolled spot price for the upcoming week, accessible at https://www.nucornow.com/home.
• This price will be in effect until the next weekly publication of the CSP.
• Our hot rolled price will be derived from both quantitative and qualitative data.
• To aid in supporting your ability to better plan, lead times for all spot orders will be offered between 3-5 weeks.
• Our first transmission of the CSP will be on Monday, April 8th.
We are grateful for your business and the opportunity to earn it each day. We are excited to be partnering with you for a continued positive impact in our communities as we push beyond the paradigms of today toward a more nimble, efficient, and sustainable future.
Sincerely,
Patrick Dempsey
Commercial General Manager – Sheet Mill Group
Source: https://www.nucornow.com/announcements
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