By Tess Stynes
Nucor Corp. (NUE) reduced its first-quarter earnings outlook,
mainly on severe weather conditions that disrupted customer demand
and reduced rail car availability.
The steelmaker said severe weather also "exacerbated conditions
in the seasonally weaker performance" of its fabricated
construction products businesses. Pricing and margins at its bar
and sheet mills also remained under pressure from imports.
For the period ending April 5, Nucor now expects per-share
earnings of 30 cents to 35 cents. The company previously had
expected per-share earnings would be similar to fourth-quarter
levels, excluding a tax adjustment gain of seven cents. The company
reported per-share earnings of 53 cents for the fourth quarter.
Steel industry demand has broadly been benefiting from the
resurgence of U.S. car makers as well as increased oil and gas
drilling, though lately performance in the sector has been under
pressure from a global oversupply that has weighed on prices.
Write to Tess Stynes at tess.stynes@wsj.com
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