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Investing.com -- Nucor (NYSE:NUE) shares rose about 3% on Wednesday after the company released its second quarter earnings forecast that surpassed analyst expectations.
The steel producer projected earnings per share between $2.55 and $2.65 for the second quarter, exceeding the Bloomberg Consensus estimate of $2.30.
Nucor stated that earnings are expected to increase across all three of its operating segments, with the steel mills segment showing the largest improvement.
The company attributed the increase in the steel mills segment primarily to higher average selling prices at its sheet and plate mills.
In the steel products segment, Nucor expects earnings to rise sequentially due to a combination of stable overall pricing, higher volumes, and lower average costs per ton.
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