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Jan 27 (Reuters) - Nucor Corp, the No. 1 U.S. steelmaker by market capitalization, reported a better-than-expected quarterly profit due to increases in selling price and shipments.
Nucor also forecast its profit for the first quarter to be slightly higher than the $111 million, or 35 cents per share, it reported a year earlier.
The company, however, expects falling oil prices to hurt its steel mills business, which makes and distributes sheet steel, beam blanks and bar steel.
“Market conditions in the steel mills segment in the first quarter of 2015 will be impacted by challenges in energy markets due to customer inventory reductions,” Nucor said.
The company’s shipments grew 2 percent in the fourth quarter ended Dec. 31, while average selling price went up 1 percent.
Net profit attributable to Nucor rose 23 percent to $210 million, or 65 cents per share.
Analysts on average had expected a profit of 55 cents per share, according to Thomson Reuters I/B/E/S.
Sales increased 2.2 percent to $5 billion, but missed the expectation of $5.38 billion.
Nucor shares were flat at $44.33 on the New York Stock Exchange. They had fallen about 8 percent in the past 12 months to Monday’s close. (Reporting by Rohit T.K. in Bengaluru; Editing by Joyjeet Das)