real-time news and commentary for investors
Thursday, Oct 17
Nucor earnings rise 34%, beating Street expectations
- Nucor (NUE +0.8%) trades higher after the steelmaker reported a better than expected Q3 profit, as improved performance at its steel mills offset impacts from weak average selling prices.
- Average selling prices fell 4% but were offset by increased mill production and shipments as well as lower costs for scrap and scrap substitutes.
- NUE took a $14M charge linked to the collapse of a storage dome at its new direct reduced iron plant in Louisiana.
- NUE expects "moderately lower" earnings in Q4 due to seasonally low volumes and planned outages at several mills related to upcoming expansions.