Shares of Nucor Inc. rallied 2.1% in premarket trade Tuesday toward a 9 1/2-year high, after the steel products maker reported fourth-quarter results that beat expectations and a sharp rise in average prices. Net income rose to $383.9 million, or $1.20 a share, from $159.6 million, or 50 cents a share, in the same period a year ago. The results include a 55 cents-per-share benefit related to tax-reform legislation. The FactSet EPS consensus was 55 cents. Revenue fell 2% to $5.09 billion, but beat the FactSet consensus of $4.85 billion, as average sales price per ton rose 14% from a year ago. The company said as steel imports continue to rise and hurt the U.S. steel industry, a final determination is expected in the next few months, following the Commerce Department’s preliminary ruling in December about how cold-rolled steel from Vietnam that originated in China evaded U.S. anti-dumping and anti-subsidy orders. Nucor shares have run up 18% over the past three months through Monday, while the S&P 500 has gained 11%.
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