Profit from Nucor’s steel products business fell 33% in 3Q from the same period a year earlier, reflecting lower demand for building materials by the construction industry and falling prices for steel. Robust demand for Nucor’s steel floor decking, joints, shelving and overhead doors for warehouses helped the company overcome volatile prices in recent years.
The company says “lower realized prices and volumes” pulled down the products business in 3Q and it expects more of the same in 4Q. Nucor’s 3Q EPS of $4.57 exceeded its forecasted earnings range of $4.10 to $4.20. Analysts expected $4.29 a share. Shares up 0.72% at $141.50 in after-hours trading.