Nucor Forecast Disappoints Amid ‘Weaker’ Sheet Steel Performance

Nucor Corp. (NUE), the largest U.S. steelmaker by market value, forecast second-quarter profit that missed analysts’ estimates as it reported “weaker performance” at its sheet and structural-steel units.

Earnings will drop to 25 cents to 30 cents a share from 35 cents a year earlier, the Charlotte, North Carolina-based company said in a statement today. The average of 18 analysts’ estimates compiled by Bloomberg was for 38 cents.

“Non-residential construction markets continue to lack sustained momentum,” Nucor said in the statement.

The price of hot-rolled coil in the U.S. Midwest, a benchmark steel product, has averaged $592 a ton so far in the current quarter, according to data from Steel Business Briefing. That’s 10 percent less than the $657-a-ton average for the second quarter last year.

Nucor rose 0.1 percent to $43.98 at 9:35 a.m. in New York.

To contact the reporter on this story: Sonja Elmquist in New York at selmquist1@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.