Net losses for Nucor Corporation (NUE), the largest recycler of steel scrap in the US, narrowed to $29.5 million, or 10 cents per diluted share, for the third quarter of 2009. The result was narrower than the Zacks Consensus Estimate for a loss of 14 cents.

In the second quarter, NUE announced a net loss of $133.3 million, or 43 cents per diluted share. However, the performance is dismal compared to a net income of $734.6 million, or $2.31 per share, in the third quarter of 2008.

Losses in the quarter were driven by the negative impact of high-cost pig iron inventories of about $180 million, or 37 cents per share. However, the company claims that the consumption of the high-cost pig iron inventories was completed by the close of the quarter. Additionally, pre-operating and start-up costs of the new facilities increased 58% year over year to $47.1 million in

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