CHARLOTTE, N.C., June 16 /PRNewswire-FirstCall/ -- Nucor Corporation (NYSE: NUE) announced today guidance for its second quarter ending July 4, 2009. Nucor expects second quarter results to be in the range of a loss of $0.55 to $0.65 per diluted share. By comparison, Nucor reported a loss of $0.60 per share in the first quarter of 2009 and earned $1.94 per share in the second quarter of 2008.
Our qualitative guidance for the second quarter, given in late April, was for a loss in the second quarter greater than the first quarter loss. As expected and discussed in our previous qualitative guidance, second quarter results carry a substantially greater burden than the first quarter from accelerated consumption of high cost pig iron inventories at our sheet mills. However, we are benefiting from the strong focus on overall cost reductions by all members of the Nucor team.
Dan DiMicco, Nucor's Chairman, CEO and President, commented: 'Order entry has improved in recent weeks. Nevertheless, the economic outlook remains very uncertain in light of the continuing severe structural challenges facing the U.S. and global economies. We believe this period of economic and steel industry distress will present unusually attractive growth opportunities for Nucor. Our team is already capitalizing on Nucor's position of strength - a position of strength arising from our balance sheet, low cost and highly flexible production capabilities, unrivaled product diversification, and - most importantly - Nucor's extremely productive and innovative work force.'
Nucor and affiliates are manufacturers of steel products, with operating facilities primarily in the U.S. and Canada. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; light gauge steel framing; steel grating and expanded metal; and wire and wire mesh. Nucor, through The David J. Joseph Company, also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.
Certain statements contained in this news release are 'forward-looking statements' that involve risks and uncertainties. Factors that might cause the Company's actual results to differ materially from those anticipated in forward-looking statements are outlined in Nucor's regulatory filings with the Securities and Exchange Commission, including those in Nucor's December 31, 2008 Annual Report on Form 10-K. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them.
SOURCE Nucor Corporation
