NEW YORK Nucor
Corp. expects third-quarter earnings to benefit from a
combination of improved sheet margins, customer inventory
restocking and strong energy and automotive end markets, the
company said Sept. 17.
N.C.-based steelmaker pegged third-quarter diluted earnings per
share in the range of 35 to 40 cents compared with 27 cents in
the second quarter and 35 cents in the year-ago quarter.
The results will
include an $18-million last-in, first-out (lifo) credit. The
company had recorded an $84-million lifo credit in the third
quarter of 2012.
In the steel mills
segment, operating performance was stronger in the sheet and
structural divisions, particularly due to supply disruptions,
customer inventory restocking and some market demand
improvement, the company said.
results improved due to Nucor-Yamato Steel (Co.)s higher
production following its 17-day planned outage during the
second quarter and customer inventory restocking," Nucor
construction products businessesreinforcing bar
fabrication, joist and decking, and pre-engineered metal
buildingsare also expected to show improvement vs. the
anticipates weaker results in its raw materials segment during
the quarter, mostly due to increased start-up costs of its
direct-reduced iron (DRI) facility in Louisiana. With the
facility in the final stages of hot commissioning, production
is expected to begin within the next few weeks. Those increased
losses will be partially offset by improved results at scrap
subsidiary David J. Joseph Co., Cincinnati.
"Thus far in 2013
non-residential construction markets continue to lack sustained
momentum, but they are slowly improving from historically low
levels," Nucor said. "The strongest end markets continue to be
in manufactured goods, including energy and automotive."