(CHARLOTTE) -- Nucor Corporation expects third quarter results to be in the range of $0.45 to $0.55 per diluted share.  This represents a decrease of approximately 40% - 50% from second quarter of 2011 earnings of $0.94 per diluted share. The guidance announced on Thursday by the Charlotte-based steel maker does represent an increase of 540% - 690% over third quarter of 2010 earnings of $0.07 per diluted share.

"As we expected, our profitability has deteriorated in the third quarter compared to the second quarter of 2011 but continues well ahead of 2010 levels," the company said in a statement released on Thursday.   "The recent deterioration reflects lower steel prices and metal margins, particularly for sheet mill products, due to new domestic supply, increased imports and continued high raw material costs.  While we have seen some pricing increases in sheet mill products just recently, the fundamentals here are still difficult at best."

Scrap metal prices have remained relatively stable during the third quarter, according to the statement.  "End markets such as automotive, heavy equipment, energy and general manufacturing have continued to experience some real demand improvement, benefiting special bar quality, sheet and plate products.  We do expect continued stability in order rates as raw material prices have been less volatile than in 2010, and our customers continue to operate with minimal inventories."

Nucor's projected third quarter results include an estimated LIFO charge of $29 million ($0.06 per diluted share) compared to charges of $32 million in the second quarter of 2011 ($0.06 per diluted share) and $50 million in the third quarter of 2010 ($0.10 per diluted share).