Nucor Corp., 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 3 percent to $45.24 at the close in New York.