Nucor Corp. expects an operating loss of $20 million, or 4 cents a share, from its Louisiana operations during the third quarter that will cut into its overall profit.
Nucor Steel Louisiana lost the same amount in the previous quarter. The second-quarter loss would have been even larger, but Nucor got a $10 million payment related to warranty claims.
Its equipment suffered a major failure in November after contributing to production outages in July and September of 2014.
The losses at the St. James plant were included in the steelmaker’s third-quarter guidance. Nucor expects a profit of 45 cents to 50 cents per share, down from 76 cents per share a year ago.