Press release
Steel Dynamics Provides Second Quarter 2022 Record Earnings Guidance
FORT WAYNE, Ind., June 16, 2022 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today provided record second quarter 2022 earnings guidance in the
About this update from Steel Dynamics, Inc.
[{"type":"text","content":"FORT WAYNE, Ind., June 16, 2022 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today provided record second quarter 2022 earnings guidance in the range of $6.33 to $6.37 per diluted share. Excluding the impact from costs associated with the startup of the company's Sinton Texas Flat Roll Steel Mill growth investment of an estimated $76 million, or $0.28 per diluted share, the company expects second quarter 2022 adjusted earnings to be in the range of $6.61 to $6.65 per diluted share. \nComparatively, the company's sequential first quarter 2022 earnings were $5.71 per diluted share, and adjusted earnings were $6.02 per diluted share excluding costs of $0.31 per diluted share (net of capitalized interest), associated with construction and startup of the company's Texas Flat Roll Steel Mill. Prior year second quarter earnings were $3.32 per diluted share and adjusted earnings were $3.40 per diluted share, excluding costs of $0.08 per diluted share, associated with construction of the company's Texas Flat Roll Steel Mill.\nSecond quarter 2022 profitability from the company's steel operations is expected to be historically strong, but lower than first quarter 2022 results, due to lower earnings from the company's flat roll steel operations, as lower average flat roll steel pricing is expected to more than offset increased flat roll steel shipments. Demand for the company's long product steel products is also strong, supporting increased average realized pricing and expected record shipments for the company's Engineered Bar Products, Roanoke Bar, and Structural and Rail steel divisions. Despite softening hot roll coil steel pricing, broad steel demand remained solid during the second quarter, led by the automotive, construction, and industrial sectors, with energy continuing to improve.\nSecond quarter 2022 earnings from the company's metals recycling operations are expected to be significantly higher than sequential first quarter results, based on strong demand supporting increased shipments and higher pricing.\nSecond quarter 2022 earnings from the company's steel fabrication operations are expected to be meaningfully higher than record first quarter results, based on record shipments and significantly higher selling values more than offsetting marginally higher steel input costs. The non-residential construction sector rema...