Nucor estimated its earnings per share to be approximately US$1.2-1.25 in the second quarter, while the earnings per share in the first quarter was US$1.63.
It was understood that most markets were stable and even with a strong trend, but purchasers still hold a wait-and-see attitude towards market fluctuation.
In addition, as the service centers dedicated to digest inventory at present, affecting new order volume. It was expected that the business volume in the second quarter will decline compared with the previous quarter.
Nucor said that the increase in domestic supply, coupled with scrap price dropped, customers tended to be strict with its inventory management.
However, the steel profit in the second quarter was better than that in the first quarter, mainly due to better weather conditions, and non-residential construction market droves good demand.
In terms of raw materials, Nucor estimated its second-quarter performance to be further compressed due to the profit of direct-reduced iron (DRI), causing a decline.
Source from YIEH CORP
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