Steel Mills
Downside Earnings Guidance for Nucor
Written by Sandy Williams
December 11, 2019
Nucor is expecting its earnings to decrease in the fourth quarter, according to just released guidance estimates. Earnings are expected in the range of $0.25 to $0.30 per diluted share, down from third-quarter earnings of $0.90 per share.
Nucor’s steel mills segment will be impacted in the fourth quarter by lower steel prices that occurred late in the third quarter. Going forward, Nucor expects higher prices for domestic scrap metal and price increases by its sheet, plate, structural and bar mills in Q4 to support improved performance heading into 2020.
Profitability in the steel product segment is expected to decrease slightly from the third quarter due to normal year-end seasonality. The segment, however, is expected to post its best fourth-quarter results ever and report significantly higher earnings compared to Q4 2018.
A third-quarter maintenance outage at the Louisiana DRI plant will contribute to losses in the raw material segment as well as margin compression throughout the raw materials businesses, the company said.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Trump approves Nippon-U.S. Steel deal, USW cries foul
President Trump has approved the sale of U.S. Steel to Nippon Steel, according to an executive order signed on Friday, June 13. Both the Pittsburgh-based steelmaker and the Japanese steelmaker cheered the development.
Nippon exec responds after Trump ‘golden share’ comments: Report
A Nippon executive has hit back regarding the deal for USS following President Trump's talk of a "golden share" on Thursday.
Trump says US government to control 51% share in USS
President Trump says the US government will hold a 51% stake in U.S. Steel after the Nippon deal.
ArcelorMittal plans wire-drawing closure in Hamilton, shifts production to Montreal
ArcelorMittal’s (AM) Hamilton location to be shuttered, wire production shifting to Montreal.
USS, Nippon Steel quiet as litigation deadline approaches
There has been little word from U.S. Steel, Nippon Steel, or the White House since President Trump endorsed the companies’ “partnership” on social media and celebrated it at the May 30 rally outside Pittsburgh.