- Nucor (NUE -2.9%) opens lower after Q2 earnings missed analyst estimates and came in at the low end of the company's earlier guidance of $1.00-$1.05, and the steelmaker says it sees Q3 earnings in a range similar to quarterly results in Q1.
- NUE says it shipped 6.75M total tons to outside customers during Q2, up 2% Q/Q and 5% Y/Y, and the average sales price/ton rose 5% Q/Q and 17% Y/Y; average scrap and scrap substitute cost per ton used during Q2 was $313, 10% higher than in Q1.
- NUE says market conditions for hot-rolled sheet products are "challenging due to aggressive competition," but non-residential construction indicators suggest that construction activity will remain healthy through year-end.
- NUE says it continues to gain ground in the automotive market and expects to continue the trend through the rest of the year.
- Steel stocks (SLX -1.1%) are broadly lower in early trading: X -1.6%, AKS -1.2%, STLD -3%, CLF -1.8%, MT -1.1%, CMC -0.7%.
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