US steelmaker Nucor Corporation reported net income of $5.81 per diluted share in the second quarter of this year and $6.50 per diluted share in the third quarter of last year. The company expected earnings of $4.10 to $4.20 per diluted share in the third quarter on 15 September.
Nucor expects steel mill profits to decline in the third quarter of 2023 compared to the previous quarter due to lower prices and a slight decline in sales. Plate rolling mills are expected to take the biggest hit.
In addition, earnings from the materials business are expected to decline in the third quarter of this year compared to the previous quarter due to lower margins in the company's DRI and scrap recycling operations.
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