NEW YORK (AP) — Steel maker Nucor said Tuesday that it expects its first-quarter earnings to be worse than Wall Street expected.
Shares of Nucor Corp. edged up after initially falling in trading Tuesday.
The Charlotte, North Carolina, company makes steel products for the energy, automotive and other industries. Nucor said the energy, heavy equipment and agricultural markets remain weak, but demand for its auto products remains strong.
Nucor expects first-quarter earnings between 20 cents per share and 25 cents per share, below the 28 cents per share analysts expected, according to FactSet.
For the full year, Nucor said it expects profit to be "slightly improved" from the year before but didn't provide numbers. Analysts expected 2016 profit to rise 62 percent to $577 million.
Nucor shares rose 27 cents to $45.42 in morning trading Tuesday after falling as low as $44.39 earlier in the day.