Nucor Forecasts Rising Third-Quarter Earnings
09/15/2016 - Nucor Corp. said it expects to report third-quarter net earnings of between US$0.85 and US$0.90 per diluted share partly on account of improved profitability at its sheet mills and lessening pressure from imported products.
In a statement, the company said the flat-rolled trade cases appear to have put a lid on imports, pointing out that they are down in the first seven months of this year compared to the same time last year.
It also said its sheet mills are recording higher average selling prices, which have risen partly because of contract sales that are priced on a lagging quarterly basis
“Demand for cold-rolled and galvanized sheet products is robust, but demand for hot-rolled sheet products has weakened since the first half of the year,” it added.
The company said its mills should also be helped by low service center inventories and lower scrap costs in the remainder of the year.
It also said its sheet mills are recording higher average selling prices, which have risen partly because of contract sales that are priced on a lagging quarterly basis
“Demand for cold-rolled and galvanized sheet products is robust, but demand for hot-rolled sheet products has weakened since the first half of the year,” it added.
The company said its mills should also be helped by low service center inventories and lower scrap costs in the remainder of the year.
