Steel Mills
SDI Expects Steady Third-Quarter Results
Written by Sandy Williams
September 20, 2017
Steel Dynamics expects third-quarter financial results to be similar to the second quarter. Higher shipments during the quarter were somewhat offset by metal spread compression.
Average quarterly pricing is expected to be consistent with the second quarter, but average scrap prices will be higher. SDI notes continued high import levels are impacting the ability of domestic steel prices to keep pace with raw material costs.
SDI expects earnings to decrease sequentially in its flat rolled operations and increase in its long products division.
The construction sector continues to be strong and energy is improving, said SDI executives. Although demand has softened from the automotive sector, SDI has continued to gain market share.
Positive growth in the nonresidential construction market is reflected by strong demand for steel joist and deck products. SDI expects earnings from its fabricated metal products business to be comparable to the second quarter due to steady demand and metal spread.
Third-quarter 2017 earnings guidance is in the range of $0.61 to $0.65 per diluted share.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Cleveland-Cliffs quietly removes name from Steelton mill
The Cleveland-Cliffs name has been removed from its idled Steelton rail mill. SMU asked Cliffs about the move and if it might signal that it is selling the mill...
Nucor sees sequentially lower Q3 profits across all three business segments
Nucor's third-quarter earnings will be down quarter-over-quarter, but still higher than a year earlier.
Hyundai still on for Louisiana steel mill despite US raid at Georgia battery plant
Hyundai has reaffirmed its commitment to build a steel plant in Louisiana following a US government immigration raid at its battery facility in Georgia.
Hybar lowers output forecast, owning up to EAF startup delay
Hybar LLC’s rebar mill in Osceola, Ark., is now melting scrap and will soon be fulfilling orders, according to CEO David Stickler, despite a six-to-eight-week delay caused by commissioning the world’s first Aura electrical system.
Steel Dynamics guides to more metal, more money in Q3
Steel Dynamics Inc. is bullish heading into the close of the third quarter, with all three of its operating segments tracking higher.