Nucor's Fourth-Quarter Forecast

(Reuters) – U.S. steelmaker Nucor (NYSE:NUE) forecast fourth-quarter profit below Wall Street estimates on Monday. This is attributed to a slump in earnings within their steel mills segment due to decreased volumes and lower average selling prices.

The company expects fourth-quarter earnings to be in a range of $0.55 to $0.65 per diluted share, which is lower than analysts' estimates of $0.90 per share, based on data compiled by LSEG.

However, Nucor anticipates an increase in earnings from its raw materials segment year-over-year in the fourth quarter.

Additionally, peer Steel Dynamics (NASDAQ:STLD) also forecasted its fourth-quarter earnings below Wall Street estimates on Monday, citing lower realized steel prices and a decline in shipments.