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Nucor Expects To Report Loss In Q2 Amid COVID-19 - Quick Facts

(RTTNews) - While reporting its financial results for the first quarter on Tuesday, steel and steel products maker Nucor Corp. (NUE) said it likely to report a loss in the second quarter of 2020 amid the COVID-19 outbreak.

While the automotive and energy markets have seen the sharpest decline, nonresidential construction, which is Nucor's largest end market, has shown resiliency moving through this pandemic.

While the economic outlook is highly uncertain at present, with the duration of the COVID-19 induced downturn difficult to predict, it currently believe that market conditions will bottom in the second quarter and Nucor will return to profitability in the second half of this year.

While the automotive and energy markets have seen the sharpest decline, nonresidential construction, which is Nucor's largest end market, has shown resiliency moving through this pandemic.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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