Nucor Corporation announced this morning that they expect third quarter earnings to be in the range of 75 cents to 80 cents per diluted share, down 65 percent from a year ago.

This year’s third quarter view is also a decrease from the second quarter in 2019, where earnings totaled $1.26 per diluted share.

Nucor said the expected decrease is due to an anticipated decline in the steel mills segment, as compared to the second quarter of this year, caused by low prices for sheet and plate steel.

The company’s performance in its raw materials segment is also expected to decrease this quarter as compared to the second quarter. Just last week, Nucor’s direct reduced iron facility in Louisiana began a planned outage that is expected to last until mid-November.

In a bright spot, Nucor expects the profitability of its steel products segment to improve versus the prior quarter on a strong nonresidential construction market.

Nucor manufactures steel and steel products in the U.S. and Canada. Its stock was trading at $52.97 this afternoon, down 63 cents.