Nucor’s Q2 2018 earnings
Nucor (NUE), the leading US-based steel producer, is scheduled to release its second-quarter earnings on July 19. AK Steel (AKS) has scheduled its second-quarter earnings release for July 30, while U.S. Steel Corporation’s (X) earnings are scheduled for August 1. ArcelorMittal (MT), the world’s largest steel producer, is expected to release its second-quarter earnings on August 1.
In this series, we’ll see what analysts are projecting for Nucor’s second-quarter earnings. Be sure to read Steel Investors Wait for Second-Quarter Earnings to see how analysts are rating leading steel producers ahead of their second-quarter earnings releases.
Looking at Nucor’s price action, the stock has risen only 2.1% so far this year based on its July 13 closing price. US steel producers U.S. Steel Corporation and AK Steel are also having a dismal year despite US spot steel prices rising to a decade high following the Section 232 tariffs. However, uncertainty over Section 232 tariffs, concerns over Chinese steel demand and rising steel exports, and the escalation of the US-China trade war seem to be working to the detriment of US steel producers.
There are concerns that the current level of steel prices is not sustainable given the record spreads between US and international steel prices. Read The Steel Industry’s Midyear Review: Outlook Gets Murky to see what could drive US steel prices in the second half of 2018.
In the next part of this series, we’ll see what analysts are projecting for Nucor’s second-quarter earnings.
US steel prices have spiked to multiyear highs this year as Section 232 tariffs have boosted US steel producers’ pricing power.
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