Nucor eyes biggest drop in 2-1/2 years, weak outlook melts sector

Reliance

14/09/2022 19:58

** Nucor Corp's  NUE.N  shares down 11.1% at $121.00 on Weds
after Q3 profit forecast miss
    ** NUE on course for biggest one-day pct fall since Mar 2020
    ** Nucor said it expects steel mills segment earnings to be
"considerably lower" vs prior qtr due to metal margin
contraction and reduced shipping volumes  urn:newsml:reuters.com:*:nL4N30L2XU
 urn:newsml:reuters.com:*:nPn3ydXdBa
    ** Co's Q3 EPS guidance of $6.30-$6.40 well below avg
analysts' est of $7.60, per Refinitiv data
    ** S&P 1500 Steel index  .SPCOMSTEEL  down 8.4% with every
component in the red. Index tracking its largest one-day decline
since Jun 2020
    ** Steel Dynamics  STLD.O  down 9.6%, Cleveland-Cliffs
 CLF.N  8.2%, U.S. Steel Corp  X.N  8.9%, Reliance Steel  RS.N 
5.1%
    ** With move on the session, steel index up ~4% YTD but ~30%
off 2022 peak hit in Apr after Russia-Ukraine war crimped global
supply and sent steel prices soaring

 (Reporting by Lance Tupper and Deborah Sophia)
Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))