US steelmakers flag recession concerns, energy costs could impact demand

Benchmark steel prices are down more than 50% this year as surging inflation has crimped appetite for longer-term projects

Nucor Corp., the largest US steelmaker, warned shareholders that recession concerns could impact demand as it looks ahead into the new year. 
 

The Charlotte, North Carolina-based producer said its steel mills business will report “considerably” lower earnings in the fourth quarter due to lower shipments, also noting that average selling prices are down. Nucor, which has typically issued upbeat guidance, is the first of the major steelmakers to flag recession concerns.

“While we believe these trends are mainly seasonal effects, economic uncertainty and recession concerns could impact future demand,” Nucor said Thursday in a statement. The company said it expects