US-based steelmaker Nucor Corporation posted its net sales of US$8.78 billion in the third quarter of this year, sliding by 16% compared to the same period a year ago. The company also reported earnings of US$4.57 per share for the period, lower than earnings of US$6.50 per share in the year-ago period. The decrease in earnings was mainly due to lower prices and decreased sales.

During the period, Nucor’s sales to outside customers totaled 4.878 million tons, a year-on-year increase of 1%. The overall operating rates remained unchanged year on year at 77% but dropped from 84% in the previous quarter.

For the outlook in the fourth quarter, Nucor expected a decline in earnings primarily due to lower pricing of its three operating segments and slight declines in sales.

In terms of steel mills, the most significant decline in realized pricing is expected to be at sheet mills. For the segment of steel products, earnings are expected to drop due to the slowing average selling prices and lower sales levels for most product groups in the sector.