Steel Mills
Nucor Guiding to Stronger Third Quarter
Written by Sandy Williams
September 16, 2020
Demand and pricing improved late in the third quarter, said Nucor in earnings guidance issued Thursday. Continued resiliency of the nonresidential construction market has resulted in a strong performance for Nucor’s downstream products. Steel segment earnings are expected to be similar to second quarter. Nonresidential construction is also benefiting Nucor’s bar and structural mills, but market conditions for the sheet and plate mills remain challenged. The company’s raw materials segment is expected to return lower earnings results than in Q2.
Utilization rates at Nucor’s sheet mills improved during the third quarter. “We are cautiously optimistic about the impact these developments will have on the final quarter of the year,” said Nucor.
Stronger financial results are expected for the third-quarter earnings. The company said it expects earnings to be in the range of $0.50 to $0.55 per diluted share compared to $0.36 per diluted share in the second quarter of 2020. Earnings will remain well below Q3 2019 results of $0.90 per diluted share.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Nucor lowers 2024 output estimate for Brandenburg plate mill
Nucor has lowered the 2024 production estimate for its Brandenburg, Ky., plate mill due to soft market conditions.
SSAB adjusts output in weak Q3, readies for Q4 rebound
SSAB said lower plate prices in the US were the primary reason for reduced results in the second quarter. With a dismal Q3 outlook, the Swedish steelmaker is adjusting production across its facilities. That includes moving up its annual US mill outage in anticipation of a better Q4. SSAB Americas Revenues in the Americas segment […]
Topalian puts focus on “unfair” trade, eyes USMCA partners
Nucor’s top executive expressed concerns over unfair trade practices, highlighting increased steel imports from Mexico and Canada.
Cliffs sees close of Stelco buy, bottom to steel tags, and Mexico out of USMCA
Cleveland-Cliffs expects its acquisition of Canada’s Stelco to close later this year, which will help the the Cleveland-based steelmaker as a bottom to steel tags nears.
Nucor posts lower Q2 earnings, predicts tough Q3 too
Nucor recording lower second quarter earnings on falling steel prices. And the Charlotte, N.C.-based predicted that profits would be lower still in the third quarter, primarily because of weaker results from its steel mills divisions.