- Nucor (NYSE:NUE -2.7%) opens with sharp losses after guiding Q2 earnings below consensus, saying market conditions for hot-rolled sheet products have been more challenging than expected.
- NUE sees Q2 EPS of $1.00-$1.05 vs. analyst consensus of $1.22, and expects decreased Q/Q performance of its steel mills segment, particularly its sheet mills and bar mills.
- NUE says non-residential construction markets continue an overall positive trend, but conditions in Q2 have not been as robust as previously expected.
- Despite the downbeat guidance, NUE says its forecast Q2 results would represent its best reported Q2 performance since 2008.
- Other steel names also open lower: X -2%, AKS -1.9%, CMC -2.5%, MT -2.6%, RS -1.4%, STLD -2.3%, WOR -1.8%.