Nucor Corp. (NUE), the largest U.S. steelmaker by market value, forecast first-quarter profit that missed analysts’ estimates after an increase in imports and domestic production.
Earnings will be 30 to 35 cents a share, the Charlotte, North Carolina-based company said in a statement today. The average of 18 estimates compiled by Bloomberg was for a profit of 69 cents. The forecast was at the low end of the company’s expectations, Nucor said.
“The deterioration in steel mill pricing and margin trends as compared to our expectations is due to resurgence in imports and increased competition from new domestic sheet mill supply,” the company said in the statement.
U.S. steel-industry capacity utilization averaged 77.5 percent in the year through March 12, according to data from the American Iron and Steel Association. It averaged 73.7 percent in the first quarter of 2011, the data show.
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