Shares of Nucor Corp. NUE, -9.29% sank 4.5% toward a seven-week low in premarket trading Wednesday, after the steel maker issued a third-quarter profit warning, as weakness in its steel mills business is offsetting strength in steel products. The company expects earnings per share of $6.30 to $6.40, down from $7.28 in the year-ago period, and below the FactSet EPS consensus of $7.56. “We expect the steel mills segment earnings to be considerably lower in the third quarter of 2022 as compared to the second quarter of 2022, due to metal margin contraction and reduced shipping volumes particularly at our sheet and plate mills,” the company said in a statement. Nucor said it expects “strong” earnings from its steel products business, and continues to believe 2022 will be the “most profitable year” in Nucor’s history. The stock had soared 19.7% over the past three months through Tuesday, while the SPDR Materials Select Sector ETF XLB, -0.93% has slipped 2.4% and the S&P 500 SPX, +0.51% has gained 5.3%.
