Press release
Steel Dynamics Provides Third Quarter 2023 Earnings Guidance
FORT WAYNE, Ind., Sept. 18, 2023 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today provided third quarter 2023 earnings guidance in the range of
About this update from Steel Dynamics, Inc.
[{"type":"text","content":"FORT WAYNE, Ind., Sept. 18, 2023 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today provided third quarter 2023 earnings guidance in the range of $3.46 to $3.50 per diluted share. Comparatively, the company's sequential second quarter 2023 earnings were $4.81 per diluted share, and prior year third quarter earnings were $5.03 per diluted share.\n\nThird quarter 2023 profitability from the company's steel operations is expected to be significantly lower than sequential second quarter results, based on metal spread contraction as lower realized flat rolled steel pricing more than offset lower scrap costs. Steel shipments are expected to be comparable to sequential second quarter volume, excluding lost volume related to Sinton's unplanned July outage. Steel order activity remains solid.\nThird quarter 2023 earnings from the company's metals recycling operations are expected to be lower compared to sequential second quarter results, based on lower volume and metal spread compression as pricing declined throughout the quarter.\nThird quarter 2023 earnings from the company's steel fabrication operations are expected to be lower compared to sequential second results, based on lower shipments and metal spread compression as realized selling values declined and steel input costs increased in the quarter.\nThrough August 31, 2023, the company has purchased $920 million, or 5 percent, of its common stock and paid cash dividends to shareholders of $202 million during the year. \nAbout Steel Dynamics, Inc.\nSteel Dynamics is one of the largest domestic steel producers and metals recyclers in North America, based on estimated annual steelmaking and metals recycling capability, with facilities located throughout the United States, and in Mexico. Steel Dynamics produces steel products, including hot roll, cold roll, and coated sheet steel, structural steel beams and shapes, rail, engineered special-bar-quality steel, cold finished steel, merchant bar products, specialty steel sections and steel joists and deck. In addition, the company produces liquid pig iron and processes and sells ferrous and nonferrous scrap.\nForward-Looking Statements\nThis report contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals ...