Nucor's 2Q Earnings Hit Low End of Guidance; CEO John Ferriola Cautiously Optimistic on Section 232
Nucor's second-quarter earnings release revealed no major surprises, as the company's results were largely in line with management's mid-June guidance. Although profits declined sequentially for the flagship steel mills segment, profits from the steel products and raw materials segments slightly exceeded our expectations. Accordingly, we've modestly increased our 2017 profit forecasts, as we expect the company to deliver EBITDA of $2.9 billion on $19.4 billion of revenue. Our $40 per share fair ...Nucor manufactures steel and steel products. The company's operations include international trading and sales companies that buy and sell steel and steel products. The company's segments are: steel mills, which produces sheet steel, plate steel, structural steel, and bar steel; steel products, which produces hollow structural section steel tubing, electrical conduit, steel joists and joist girders, steel deck, cold finished steel, steel fasteners, metal building systems, and wire and wire mesh; and raw materials, which produces direct reduced iron (DRI), brokers ferrous and nonferrous metals, pig iron, hot briquetted iron and DRI, supplies ferro-alloys, and processes ferrous and nonferrous scrap metal.
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