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Charlotte steel maker Nucor reduces first-quarter guidance

NUCOR1NE061913CEL
Chuck Liddy - cliddy@newsobserver.com
Robert Mines throws up a shower of sparks as he cuts through a piece of steel piping June 18 at the Nucor Platemaking plant in Hertford.

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Charlotte-based steel maker Nucor on Tuesday reduced guidance for first-quarter earnings, citing severe weather and imports that have hurt pricing.

The company said it expects earnings per share of 30 to 35 cents in the quarter ended April 5. That’s lower than previous guidance of earnings similar to the fourth quarter excluding a gain for a tax adjustment, or about 46 cents per share.

Nucor posted earnings of 26 cents per share in the first quarter of 2013.

The company said the biggest factor in the new guidance was severe weather, which disrupted customer demand, decreased railcar availability and has added to seasonally weaker conditions in its fabricated construction products businesses. Nucor makes steel bars, beams, sheets and other metal products.

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