Nucor shares fall 13% after Q1 Guidance

Nucor Corp. (NYSE:NUE) the All American Steel company that prides itself with a no-layoff policy is hurting today, shares falling 13% after a disappointing Q1 Guidance.

Nucor announced today they will have a Q1 loss of 55 cents to 65 cents per share, compared to the $1.41 per share it earned in the year-ago quarter and the 34 cent profit it posted in the fourth quarter. Analysts had on average expected the company to post earnings of 47 cents per share, according to Reuters Estimates.

"The economy has fallen off a cliff -- and there is no visibility as to the timing of the recovery," said CEO Dan DiMicco said in a statement.  Nucor shares have also "fallen of a cliff", NUE is trading at $32 today, they have a 52-week range of $25 to $81.