The second largest U.S. steel maker, Nucor Corp. (NYSE: NUE), said on Monday that its second quarter profit will come up short of analystsâ€™ estimates on lower demand from automakers and homebuilders.
Nucor said it expects second-quarter earnings of $1.05 to $1.15 per share. Analysts polled by Thomson Financial had expected, on average, $1.42 per share.
The company expects shipments of its steel bar products to drop nearly 17 percent compared to the first quarter, citing inventory accumulation and slower purchasing from its largest customers.
Profit will also suffer to a â€œcontinued surgeâ€ of imports from China of galvanized steel, cold-rolled sheet and hot-rolled sheet in terms of tubular products, the company said.
Nucor shares fell $3.95, or 5.9 percent to close at $62.66 on the New York Stock Exchange.