Nucor Gets Nuked
Concerns about the health of the U.S. economy continue, with steel manufacturer Nucor adding more fuel to the fire. 🔥
The company will announce its third-quarter earnings sometime in mid-October, but today it warned that it’s tracking to miss estimates. The $31 billion metals giant now expects to earn $6.30 to $6.40 per share, well below estimates of $7.56, attributing the miss to “metal margin contraction and reduced shipping volumes, particularly at our sheet and plate mills.”