'U.S. Steelmakers Warn Of Lower Profits As Manufacturers Slow Factories; Nucor And Steel Dynamics Forecast Drop In Third-Quarter Earnings, Citing Weaker Demand And Shaky Prices' - WSJ
Portfolio Pulse from Benzinga Newsdesk
U.S. steelmakers, including Nucor and Steel Dynamics, are forecasting significant declines in third-quarter earnings due to reduced demand and falling steel prices. This is attributed to a slowdown in production by automotive and equipment manufacturers.
September 17, 2024 | 4:47 pm
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Nucor forecasts an 80% decline in Q3 profit due to lower demand and falling steel prices, impacted by a slowdown in the manufacturing sector.
Nucor's significant profit decline is directly linked to reduced demand in the manufacturing sector and lower steel prices, which are critical factors for its revenue.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Steel Dynamics anticipates lower Q3 earnings due to weak demand and lower steel prices, affecting its steel business significantly.
Steel Dynamics' earnings are expected to be 'meaningfully lower' due to weak demand and lower prices, which are crucial for its financial performance.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100