16 Jul

Nucor’s Second-Quarter Earnings: What’s the Word on Wall Street

WRITTEN BY Mark O'Hara FEATURED IN Pre-Release Earnings Reports

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.

Nucor’s Second-Quarter Earnings: What’s the Word on Wall Street

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.

Price action

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.

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