(Reuters) - U.S. steelmaker Nucor Corp (NYSE: NUE ) 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.

Nucor CEO Leon Topalian said steel demand softened throughout 2024 but noted that market conditions were starting to improve.

Average sales price per ton fell 10% in 2024, from a year ago.

The Charlotte, North Carolina-based company reported a quarterly profit of $287 million, or $1.22 per share, compared with $785 million, or $3.16 a year, earlier.

Total (EPA: TTEF ) quarterly revenue fell about 8.2% to about $7.08 billion.