* Shares fall as much as 6.3 pct
* Nucor expects 2nd-qtr earnings of $1-$1.05/shr
* Warns of weakness in steel mills unit
(Compares profit with analyst estimates; updates shares)
June 15 U.S. steelmaker Nucor Corp on
Thursday forecast second-quarter earnings per share below
estimates, hurt in part, by weak demand in its steel mills
Nucor's shares fell as much as 6.3 percent to $55.40 in
morning trading after the company said it expects earnings of
$1.00 to $1.05 per share for the second quarter ending July 1.
Analysts on average were expecting $1.22 per share, according
to Thomson Reuters I/B/E/S.
Shares of other U.S. steelmakers including U.S. Steel Corp
, AK Steel Holding Corp and Steel Dynamics Inc
, fell 3 to 5 percent.
"Market conditions for hot-rolled sheet products have been
more challenging than we expected earlier in the quarter when we
provided our qualitative guidance due to aggressive
competition," Nucor said in a statement.
Imports continued to hurt the U.S. steel industry, the
China, the world's largest steel producer, makes far more
steel than it consumes, selling the excess output overseas in
markets such as the United States, often undercutting domestic
Last week, American steel executives said a Trump
administration national security review of their industry could
provide relief from imports that dozens of U.S. Commerce
Department anti-dumping cases have only partly offered.
Steel stocks have received a boost from Donald Trump's
election as president, with optimism that his administration
will promote the domestic industry.
The S&P 1500 steel sector index had climbed
9.8 percent since Trump's election, while Nucor's shares had
risen 15 percent.
(Reporting by Arunima Banerjee in Bengaluru; Editing by Sai