Nucor Predicts Narrower-than-expected 2Q Loss

Nucor said its costs would be higher in the second quarter compared with the first because of accelerated consumption of high cost pig iron inventories at its sheet mills. Still, it said it was gaining from cost reductions.

Dan DiMicco, Nucor's chairman, CEO and president, said orders had improved in recent weeks.

"Nevertheless, the economic outlook remains very uncertain in light of the continuing severe structural challenges facing the U.S. and global economies," he said in a statement. "We believe this period of economic and steel industry distress will present unusually attractive growth opportunities for Nucor."

Nucor is scheduled to report second-quarter results on July 13.

Shares of Nucor rose $1.93, or 4.2 percent, to $47.68 in morning trading.