Nucor Corp.'s stock slid 2.3% in premarket trade Thursday, after the steel maker provided a downbeat second-quarter profit outlook, as continued pricing pressure weighed on margins. The company expects earnings per share for the current quarter in the range of 20 cents to 25 cents, below the FactSet consensus of 30 cents. The company said margins were hurt as average selling prices declined more than the average cost of raw materials. Pricing remains under pressure as "exceptionally high levels of imports" continue to flood the domestic market, the company said in a statement, with the share of imports of the finished steel market rising to 32% from 26% during the same period a year ago. The stock has lost 1.9% year to date through Wednesday, while the S&P 500 has gained 2%.
Copyright © 2015 MarketWatch, Inc.
Continue Reading Below