Nucor forecasts lower-than-expected fourth-quarter revenue

(Reuters) – U.S. steelmaker Nucor (NYSE:NUE) forecast fourth-quarter revenue under Wall Avenue estimates on Monday, citing a stoop in earnings of their metal mills phase brought on by decreased volumes and decrease common promoting costs.

The corporate expects fourth-quarter earnings to be in a variety of $0.55 to $0.65 per diluted share, decrease than analysts’ estimates of $0.90 per share, in response to information compiled by LSEG.

Nonetheless, it expects earnings in its uncooked supplies phase to extend year-over-year within the fourth quarter.

Peer Metal Dynamics (NASDAQ:STLD) additionally forecast its fourth-quarter earnings under Wall Avenue estimates on Monday because the Indiana-based firm sees decrease realized metal costs and fall in shipments.