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US Steelmakers Flag Recession Concerns, Rising Energy Costs

  • ‘Recession concerns could impact future demand,’ Nucor says
  • US Steel, Steel Dynamics offer optimistic outlook on prices
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Nucor Corp., the largest US steelmaker, warned shareholders that recession concerns could impact demand as it looks ahead into the new year. 

The Charlotte, North Carolina-based producer said its steel mills business will report “considerably” lower earnings in the fourth quarter due to lower shipments, also noting that average selling prices are down. Nucor, which has typically issued upbeat guidance, is the first of the major steelmakers to flag recession concerns.