Jan 27 (Reuters) - U.S. steelmaker Nucor Corp ( NUE )

reported a drop in fourth-quarter revenue and profit on Monday,

as selling prices declined in its mills and products segments.

The industry has been struggling as distributors have

refrained from purchasing material in excess of their inventory

amid a supply glut fueled by domestic production and imports.

Nucor ( NUE ) CEO Leon Topalian said steel demand softened

throughout 2024 but noted that market conditions were starting

to improve.

Average sales price per ton fell 10% in 2024, from a year

ago.

The Charlotte, North Carolina-based company reported a

quarterly profit of $287 million, or $1.22 per share, compared

with $785 million, or $3.16 a year, earlier.

Total quarterly revenue fell about 8.2% to about $7.08

billion.

(Reporting by Aatreyee Dasgupta and Nathan Gomes in Bengaluru;

Editing by Sriraj Kalluvila)