CHARLOTTE, N.C., (AP) - Steel maker Nucor Corp. said Tuesday a significant decline in steel shipments in the fourth quarter will hurt earnings.
The company said fiscal 2008 could still be a record year based on strong results for the first nine months, but fourth-quarter results will be impacted by the global economic crisis, which has hurt steel markets.
Due to declining demand for steel and reduced inventories, Nucor said steel shipments for the fourth quarter are expected to fall by about 40% from the previous quarter.
Shares rose $1.71, or 4.2%, to $42.42 in early morning trading.
Charlotte, N.C.-based Nucor operates steel making plants in three Alabama cities.