More than 30% of S&P 500 companies are
due to report results this week
Steelmakers
Nucor and Cleveland-Cliffs reported cooler demand for steel from some key
customers that pushed down first-quarter sales and profit.
Cleveland-Cliffs
said Monday evening that steel distributors were on a "buyers strike"
for the first two months of the year, contributing to lower first-quarter
sales. The company said it sold more steel to the automotive industry during
the quarter to offset distributors' tepid demand, though Cliffs reported that
purchasing by distributors improved in March.
Steel demand
started slowing down late last year and that continued into 2024. Nucor on
Monday reported profit from its steel products business, which mostly
manufactures structural items for the construction industry, fell by 47% from
the same period a year earlier. Nucor's overall sales for the quarter were
slightly below expectations of analysts polled by FactSet.