08:16 AM EDT, 06/14/2024 (MT Newswires) -- Nucor ( NUE ) said Friday that it expects fiscal Q2 earnings will be in a range of $2.20 to $2.30 per diluted share, down from $5.81 a year earlier.

Analysts polled by Capital IQ expect adjusted EPS of $2.96 and GAAP EPS of $3.02.

The steel producer said the expected drop in earnings is due to lower earnings from its steel mills segment, which it attributed to lower selling prices and volumes. However, it said earnings from its raw materials segment will be higher in Q2 compared with Q1 due to the increased profitability of its direct reduced iron facilities.

Shares of Nucor ( NUE ) were down 1.7% in recent Friday premarket activity.

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