Nucor clarifies second quarter earnings outlook
A weakened steel industry has prompted
Nucor Corporation to comment on it second quarter earnings outlook.
Nucor released its outlook in April stating that it expected its earnings to be $1.95 to $2.15 per diluted share.
According several factors including weakened demand for sheet steel, significant drops in
scrap prices, and an increase in inventory from the acquisition of Marion Steel, has prompted
Nucor to state that its earnings for Q2 2005 will be at the lower end of its original outlook.
While market conditions are currently soft,
Nucor nevertheless expects demand to pick throughout the remainder of the year and inventory bloat to steadily decrease through quarters three and four.