Steel Mills

Lower prices, volumes to stifle Nucor’s Q4 earnings

Written by Laura Miller

Lower prices and volumes will impact Nucor Corp.’s earnings in the current quarter, the steelmaker said in fourth-quarter earnings guidance on Thursday, Dec. 14.

All three of the company’s product segments saw lower pricing and volumes this quarter, with the decrease in realized pricing expected to be most distinct at its sheet and plate mills.

Decreased selling prices and lower volumes in most product groups within the steel products segment will impact earnings, Nucor said.

Additionally, planned outages at Nucor’s direct-reduced iron (DRI) facilities and lower raw materials pricing will hit earnings in the raw materials segment.

Charlotte, N.C.-based Nucor anticipates Q4 earnings to be between $2.75 and $2.85 per diluted share. This will be down notably from earnings of $4.57 per diluted share in the prior quarter, when net income amounted to more than $1.14 billion on sales of $8.77 billion, and down from $4.89 per diluted share in the year-ago quarter.

Nucor will issue its complete Q4 earnings statement after the market closes on Monday, Jan. 29, 2024.

Laura Miller

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