Press release
Steel Dynamics Provides Second Quarter 2021 Record Earnings Guidance
FORT WAYNE, Ind., June 16, 2021 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today provided second quarter 2021 earnings guidance in the range of
About this update from Steel Dynamics, Inc.
[{"type":"text","content":"FORT WAYNE, Ind., June 16, 2021 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today provided second quarter 2021 earnings guidance in the range of $3.26 to $3.30 per diluted share. Excluding the impact from costs associated with the construction of the company's Sinton Texas Flat Roll Steel Mill growth investment of approximately $23 million, or $0.08 per diluted share, the company expects second quarter 2021 adjusted earnings to be in the range of $3.34 to $3.38 per diluted share, which would represent record quarterly earnings for the company. \nComparatively, the company's sequential first quarter 2021 earnings were $2.03 per diluted share, and adjusted earnings were $2.10 per diluted share, excluding the impact of construction costs related to the Texas steel mill of $0.07 per diluted share. Prior year second quarter earnings were $0.36 per diluted share, and adjusted earnings were $0.47 per diluted share, excluding the impact of company's June 2020 refinancing activities of approximately $25 million, or $0.08 per diluted share, and costs associated with the construction of the company's Texas steel mill of $0.03 per diluted share. \nSecond quarter 2021 profitability from the company's steel operations is expected to be significantly higher than first quarter results setting a new quarterly record, driven by strong underlying steel demand and significant metal spread expansion across the entire platform, but most pronounced within the flat roll steel operations. Second quarter 2021 steel shipments are expected to increase sequentially across the company's steel portfolio, potentially achieving record quarterly volume. Domestic steel demand remains strong, with the automotive, construction, and industrial sectors continuing to lead the momentum. Order entry continues to be robust as strong demand, coupled with continuing historically low flat roll steel inventories underpin elevated steel selling values. The company believes this momentum will continue, resulting in even stronger third quarter results. \nFerrous scrap demand also continued to be strong in the second quarter, as domestic steel production continued to improve. Second quarter earnings from the company's metals recycling operations are expected to be aligned with strong sequential first quarter results, based on steady shipments and increased pricing. \n...