Nucor Lowers Capex Forecast for 2019

SUGAR LAND--October 23, 2019--Researched by Industrial Info Resources (Sugar Land, Texas)--Steel producer Nucor Corporation (NYSE:NUE) (Charlotte, North Carolina) has lowered its 2019 capital expenditure forecast from $1.8 billion to $1.5 billion due to the timing of expected projects for the remainder of the year, company executives said Tuesday. The company reported its third-quarter profits dropped to less than half of what they were a year earlier as a result of lower prices and sales volumes, but added a number of key projects are still in line for completion by the end of this year. Industrial Info is tracking $4.6 billion worth of Nucor capital projects in the U.S.