Dec. 15 (Bloomberg) -- Nucor Corp., the largest U.S. steelmaker by market value, forecast fourth-quarter profit that missed analysts’ estimates after reporting a larger-than- expected inventory charge.
Earnings will be 22 cents to 27 cents a share, including a 16-cent charge for inventories held in the quarter, the Charlotte, North Carolina-based company said in a statement today. The average of 20 estimates compiled by Bloomberg is for profit of 41 cents.
The inventory charge was about $50 million more than expected because of higher scrap-metal costs, Nucor said.
Nucor fell less than 0.1 percent to $38.65 at 9:17 a.m. in pre-market trading in New York.
--Editor: Simon Casey
-0- Dec/15/2011 14:21 GMT
To contact the reporter on this story: Sonja Elmquist in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Simon Casey at email@example.com -0- Dec/15/2011 14:10 GMT