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Nucor Forecasts Higher Profits in Second Quarter
06/15/2016 - Nucor Corp. expects its second-quarter earnings to increase 66 percent, if not more, on rising shipments and prices, the steelmaker said on Wednesday.
The company said it is forecasting earnings of between 65 and 70 cents per diluted share, up from 39 cents per diluted share in the same quarter last year. The quarter ends 2 July.
In a statement, the company said that flat-rolled trade cases initiated by domestic producers have crimped the flow of imported products. The final determinations in those cases probably will help curtail them even further, Nucor said, as it expects trade officials to impose duties higher than those announced in preliminary determinations.
“We are confident that once all the facts are known, final determinations by the Department of Commerce will fully address all dumping and subsidies associated with (the flat rolled) cases," Nucor said.
In the meantime, Nucor said its steel mills are benefitting from higher average selling prices and rising shipments. As a result, its bar, sheet and plate mills are expected to record an increase in quarterly profits.
The company said its sheet mills likely will see the largest increases.
"The sheet mills have benefited from lower inventory levels in the supply chain, mainly at service centers, and decreased levels of imports," the company said, adding that rising sheet prices also are contributing to the expected results.
In a statement, the company said that flat-rolled trade cases initiated by domestic producers have crimped the flow of imported products. The final determinations in those cases probably will help curtail them even further, Nucor said, as it expects trade officials to impose duties higher than those announced in preliminary determinations.
“We are confident that once all the facts are known, final determinations by the Department of Commerce will fully address all dumping and subsidies associated with (the flat rolled) cases," Nucor said.
In the meantime, Nucor said its steel mills are benefitting from higher average selling prices and rising shipments. As a result, its bar, sheet and plate mills are expected to record an increase in quarterly profits.
The company said its sheet mills likely will see the largest increases.
"The sheet mills have benefited from lower inventory levels in the supply chain, mainly at service centers, and decreased levels of imports," the company said, adding that rising sheet prices also are contributing to the expected results.
