Nucor's 2Q Loss May Not Be As Big As Feared; Shares Up

Nucor Corp. (NUE) said its second-quarter loss might be narrower than it had feared, noting orders have improved recently.

The disclosure helped push shares up 2.8% premarket to $47.05.

Steelmakers have been hammered in recent months as orders slumped. Selling prices have dropped sharply since last summer, leading to production cuts and layoffs at many companies.

The nation's largest minimill steelmaker and biggest steel-scrap recycler had warned in April it would likely post a second-quarter loss bigger than the first quarter's 60 cents. But Tuesday, the company projected red ink of 55 cents to 65 cents a share. Analysts surveyed by Thomson Reuters most recently expected a 70- cent loss.

Read Full Article from CNNMoney.com

- Posted: 2009-06-16 10:12:23

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