In its quarterly earnings outlook, Nucor said that although most end-use markets remain are either stable or strong, service center destocking is impacting order rates.
“Increased domestic supply and a declining scrap price environment have led to aggressive inventory management by our customers. We still see stability in most of the end-use markets that we serve, with some softening in automotive,” the company said.
Nucor said it expects to report earnings in the range of US$1.20 to US$1.25 per diluted share. In the same quarter last year, the company posted earnings of US$2.13 per share.