Nucor Corporation announced its guidance for the third quarter ending October 1, 2011 in the range of $0.45 to $0.55 per diluted share. Although these numbers are approximately 40% – 50% lower than 2Q11, this is an increase of 540% – 690% over 3Q10 earnings.

Nucor quotes lower profitability due to “lower steel prices and metal margins, particularly for sheet mill products, due to new domestic supply, increased imports and continued high raw material costs.” The company did say scrap prices are remaining stable with the automotive, heavy equipment, energy and general manufacturing markets showing increased demand.

Source: Nucor