U.S. Steelmakers Earnings Leave Investors Pondering Peak Prices
- Cliffs shares fall as profit outlook disappoints investors
- Both firms expect record streak to extend in third quarter
Photographer: Emile Wamsteker/Bloomberg
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Two of the largest U.S. steelmakers posted record quarterly profit that easily beat analysts’ estimates during the greatest steel rally in a generation.
Yet investors clearly focused more on the outlook from Nucor Corp. and Cleveland-Cliffs Inc. Cliffs projected higher full-year earnings that didn’t appear to be enough to satisfy investors already enjoying strong returns. Nucor gained after its chief executive officer said on an analysts’ call that third-quarter shipments will be slightly better than the prior quarter.