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NUE Warns of 1Q Loss; Shares Drop
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ShareNucor Corp. (NUE) shares dropped more than 10% today as the steelmaker warned of a first-quarter loss due to the slump in metals demand.
The company expects a first-quarter loss of 55 cents to 65 cent per share, well below its earnings of $1.41 the previous year and 34 cents in the fourth quarter.
Analysts are forecasting a profit of 43 cents for the current quarter. Nucor had previously projected slightly better earnings than the fourth quarter.
Nucor also said that its mill-utilization rate could drop to 43% this quarter from the prior period's levels.
A day earlier, aluminum giant Alcoa Inc. (AA) declared that it would lower its dividend. It also said that it aims to increase capital and cut back on its future spending to counter the economic downturn.
NUE is a Zacks #3 Rank ("Hold").
Read the full analyst report on NUE
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