Nucor Cuts Guidance, Citing Steel Imports
September 15 2017 - 12:11PM
Dow Jones News
By Austen Hufford
Steel manufacturer Nucor Corp. said profit in its third quarter
would fall below its own expectations, citing unplanned outages as
well as the impact of imported steel products, an issue highlighted
in recent months by the Trump administration.
Nucor now expects third-quarter earnings per share to be between
75 cents and 80 cents. Analysts polled by Thomson Reuters had
expected $1.02.
Shares fell 0.6% to $53.63 in morning trading.
In an update for investors Friday, the company said pricing
pressures caused by imported steel "has not allowed pricing to keep
pace with increasing raw material costs."
Nucor said imports were continuing to hurt the U.S. steel
industry, which is pursuing trade cases against the importers.
In a July interview with The Wall Street Journal, President
Donald Trump said his administration would take its time in making
a long-awaited decision on whether to block steel imports, saying
"we don't want to do it at this moment."
On Friday, Nucor said it was "pleased with the slow but steady
progress" on raising steel-import taxes.
The company also said its Louisiana operations has had unplanned
outages for most of the third quarter. The facility stopped
production in late July to make repairs to address other equipment
issues and is expected to resume in early October.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
September 15, 2017 11:56 ET (15:56 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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