- Nucor (NYSE:NUE -2.1%) opens lower after issuing downside Q4 guidance due to lower margins in its steel mills segment.
- NUE now expects Q4 EPS of $0.30-$0.35, vs. $0.51 analyst consensus estimate; the company's forecast includes an estimated last-in-first-out expense of $0.07.
- NUE also says trade cases initiated by U.S. steel industry targeting product groups are having a positive impact, as steel imports are down ~19% this year.
- Other steel producers also are lower: X -2.6%, STLD -2.4%, AKS -2.8%, MT -3.4%, CMC -0.8%.