Nucor shares fell more than 5% after the North Carolina-based steel producer forecast third-quarter 2026 diluted earnings per share (profit allocated per share) of $5.55 to $5.65, below Wall Street’s $5.99 consensus. The guidance still represents a substantial improvement from $2.63 per share in the comparable quarter of 2025 and exceeds Nucor’s second-quarter diluted EPS of $5.04, or adjusted EPS of $4.84. The forecast excludes two second-quarter benefits: a $61 million non-cash valuation increase in Nucor’s stake in fusion-energy startup Helion and about $130 million in retroactive raw-material procurement adjustments. Nucor’s raw materials division is expected to face weaker profitability from softer prices and lower shipment volumes, despite sequential growth expectations for its steel mills and steel products divisions. Steel Dynamics also forecast weaker-than-expected third-quarter earnings of $5.34 to $5.38 per share, although it expects stronger sequential results from its steel operations, supported by wider metal margins, higher average selling prices, lower scrap costs and increased shipments. Cleveland-Cliffs shares slipped 0.2% to $12.74. U.S. benchmark hot-rolled coil prices reached $1,237 per ton as of Thursday’s close, up nearly 30% year to date and 49% over the trailing 12 months. Nucor and Steel Dynamics had gained 63% and 45%, respectively, year to date through Thursday. Analysts largely viewed Nucor’s guidance as cautious rather than alarming, with the fourth quarter potentially benefiting from pricing lags and tighter steel supply-demand conditions. Tariff changes and a possible correction in steel prices remain risks. Berkshire Hathaway reduced its Nucor holdings in the second quarter of 2026.