Steel Mills
Steel Dynamics Expects Lower Earnings in Q1
Written by Sandy Williams
March 19, 2019
Steel Dynamics’ earnings guidance for first-quarter 2019 was lower than analysts expected. SDI anticipates a decrease from the prior quarter as a result of lower earnings from its sheet operations. Expected earnings of $0.88 to $0.92 per diluted share will also be impacted by planned maintenance outages during the quarter.
Although sheet earnings fell in the first quarter, SDI says recent improvements in steel prices have resulted in increased order activity and growing backlogs. Overall, shipments are expected to be higher in the first quarter with demand continuing to improve throughout the year.
Steel fabrication shipments were lower in the first quarter due to inclement weather conditions, but earnings in the segment are expected to improve due to higher selling values and lower steel input costs. Order backlog is up compared to a year ago, with customers optimistic about nonresidential construction projects for the summer, the company said.
The metals recycling platform showed improved nonferrous volume and metal spread expansion, despite slightly lower average price realization.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Nucor shuttering Chicago tubular facility
Nucor is closing its Nucor Tubular Products Chicago facility and will be laying off 47 workers.
Algoma foresees narrow profit (or loss) in fiscal Q2’25
Canadian flat-rolled steelmaker Algoma predicts that it will be roughly breakeven on an adjusted EBITDA basis in the second quarter of its fiscal year. The Sault Ste. Marie, Ontario-based company expects adjusted EBIDTA in a range from a gain of $5 million CAD ($3.7 million USD) to a loss of $5 million CAD in fiscal Q2'25.
Arbitration board sides with USS over USW on Nippon deal
A board of arbitration has ruled in favor of U.S Steel vs. the United Steelworkers (USW) union in a dispute regarding Nippon Steel’s more than $14-billion proposed deal for the Pittsburgh-based steelmaker.
USS first to get nod to sell ‘ResponsibleSteel’ items at Big River
U.S. Steel is the first steelmaker in the world qualified to sell its products as “ResponsibleSteel Certified Steel” at its Big River Steel operation in Osceola, Ark.
USS: No production impact from Midwest Plant fire
A transformer caught fire at U.S. Steel’s Midwest Plant in Portage, Ind., on Sunday.