Nucor Corp. (NUE) - Get Report shares fell almost 6% and led steel stocks lower after it released a disappointing second-quarter outlook and said cheap imports, up about 15 percent from last year, are hurting it.
Other steel shares followed Nucor down, including AK Steel and U.S. Steel.
Nucor said it now expects second-quarter earnings per share in the $1 to $1.50 range, compared to a $1.22 per share FactSet estimate.
Jim Cramer's charitable trust's Action Alerts Portfolio owns Nucor shares.
"Nonresidential construction markets continue an overall positive trend, but conditions in the second quarter of 2017 have not been as robust as previously expected," Nucor said.
Last month U.S. Commerce Secretary Wilbur Ross said that the results of an investigation he launched would determine if Chinese and other foreign-made steel poses a threat to U.S. national security. In April President Trump signed an executive order calling for a look at steel imports and any threats foreign steel amplified for the U.S.
At that announcement, Ross said 26% of the steel America uses comes into the country at unfairly low prices.
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