Net Operating Loss (NOLs)

An income-averaging provision that allows companies with losses to either carry forward the loss up to 15 years to offset otherwise taxable future income, or carry back the NOLs up to three years to receive a refund for taxes previously paid (see FAS 109).

Nickel (Ni)

An alloying element used as a raw material for certain classes of stainless steel. Nickel provides high degrees of ductility (ability to change shape without fracture) as well as resistance to corrosion. Approximately 65% of all nickel is used in the making of stainless steel.

Nickel-Based Superalloys 5

Nickel-based alloys developed for very high temperature service where relatively high stresses are encountered and where high surface stability is frequently required. Typical applications are aircraft turbine and land-based turbine components.

Niobium 5

An exotic alloy valued for its strength at extremely high temperatures and its ability to superconduct, or pass electricity with minimal resistance, at very low temperatures. It is used in aerospace applications, in superconducting magnets in MRI (magnetic resonance imaging) equipment, when alloyed with titanium, and in particle accelerators.

No. 1 Heavy Melt

Obsolete steel scrap grade, at least one-quarter inch in thickness and in sections no larger than five feet by two feet. Much of the metal comes from demolished buildings, truck frames and heavy duty springs. Minimills are primary consumers of No. 1 heavy scrap.