Nucor expects improved fourth-quarter earnings due to higher pricing of sheet and plate as well as strong results at its bar and structural mills. Profitability for the steel products segment is expected to decrease modestly, consistent with typical seasonality.
The raw materials segment will benefit from higher prices for raw materials and improved financial performance at Nucor DRI facilities, the company said.
Earnings are expected in the range of $1.15 to $1.20 per diluted share compared to $0.63 in the third quarter and $0.35 in the fourth quarter of 2019.
“The ongoing COVID-19 pandemic continues to cause uncertainty, making it difficult to forecast future market conditions and demand trends,” said Nucor. “However, the beneficial impact of recent price increases on our sheet mills’ performance, as well as the strength of our backlogs and overall lead times, indicates that the current quarter’s momentum will continue into the first quarter of 2021.”
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