Steel producer Nucor announced on June 16 that it expects second-quarter 2009 financial results to be in the range of a loss of 55 cents to 65 cents per diluted share. The Charlotte, N.C.-based manufacturer reported a loss of 60 cents per share in the first quarter of 2009 and earnings of $1.94 per share in the second quarter of 2008. The second quarter ends July 4.
In its guidance statement, Nucor noted that second-quarter results carry a greater burden than does the first quarter due to accelerated consumption of high-cost pig iron inventories at its sheet mills.
Despite improvement in orders in recent weeks, Nucor Chairman Dan DiMicco said, "The economic outlook remains very uncertain in light of the continuing severe structural challenges facing the U.S. and global economies."
