U.S. steelmaker Nucor Corp reported a drop in fourth-quarter revenue and profit on Monday, as selling prices declined in its mills and products segments. The industry has been struggling as distributors have refrained from purchasing material in excess of their inventory amid a supply glut fueled by domestic production and imports.

After the stock markets closed Monday, Jan. 27, 2025, Nucor reported 2024 fourth-quarter earnings of $287 million, down from $785 million in the same period in 2023. For the full year, earnings were $2.

The industry has been struggling, as distributors have refrained from purchasing material in excess of their inventory amid a supply glut fueled by domestic production and imports. U.S. Steel is attempting to salvage an about $15 billion sale to Nippon Steel and navigate rivals Cleveland-Cliffs and Nucor vying for a shot at a takeover.