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Nucor Expects Higher Earnings in Q3

Steel News - Published on Fri, 18 Sep 2020

Image Source: Nucor
Nucor Corporation announced guidance for its third quarter ending October 3, 2020. Nucor said “Our downstream products segment is having another strong quarter due to the continued resiliency of nonresidential construction markets, and we expect third quarter of 2020 earnings to increase from the second quarter of 2020 for this segment. The results of the steel mills segment in the third quarter of 2020 are expected to be similar to the second quarter of 2020. Our bar and structural mills are benefitting from nonresidential construction markets while market conditions for our sheet and plate mills remain challenged. We expect the results of our raw materials segment in the third quarter of 2020 to decrease compared to the second quarter due to lower pricing for DRI.”

Nucor added “We have seen an uptick in demand and pricing for raw materials and sheet steel late in the third quarter. Additionally, utilization rates for our sheet mills have improved throughout the third quarter. We are cautiously optimistic about the impact these developments will have on the final quarter of the year.”

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Posted By : Yogender Pancholi on Fri, 18 Sep 2020
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