Steel manufacturer Nucor reported a 59 percent decrease in its third quarter net earnings due to excess supply chain inventory, the company said in a filing Tuesday.

Nucor reported net earnings of $275.0 million, or 90 cents per share, compared with $676.7 million, or $2.13 per share for the same period last year.

The company beat analysts’ third quarter estimates of $246.4 million in net earnings, or 80 cents per share.

Consolidated net earnings for 2019 were down as well. In the first nine months of 2019, Nucor reported consolidated net earnings of $1.16 billion, or $3.78 per share, compared with $1.71 billion, or $5.35 per share, in the first nine months of 2018.

“After a brief summer rally, plate and sheet market conditions softened in the third quarter,” CEO John Ferriola said. “Excess inventory throughout the supply chain has resulted in continued destocking by our customers.”

Nucor reported net sales of $5.46 billion in the third quarter of 2019, down 19 percent compared with $6.74 billion in the third quarter of 2018.

Net earnings are expected to decrease again in the fourth quarter compared with the third quarter due in part to lower steel prices, the company said.

The Charlotte-based company is the largest steel manufacturer in the United States. Shares of Nucor closed at $53.14 Tuesday afternoon, up $1.35.