Steel Mills
SDI Expects Higher Sequential Earnings in Q2
Written by Becca Moczygemba
June 16, 2023
Steel Dynamics (SDI) is expecting stronger earnings for the second quarter of 2023 vs. the previous quarter, but lower than the year-earlier period.
The Fort Wayne, Ind.-based steelmaker released Q2 earnings guidance on June 16 in the range of $4.78 to $4.82 per diluted share. This compares with Q1’s $3.70 per diluted share and prior-year Q2 earnings of $6.44 per diluted share.
SDI saiid it expects its Sinton, Texas, mill to be Ebitda positive for Q2, as it continues to ramp up operations. Additionally, the company reports that its steel fabrication operations results are expected to be “historically very strong,” but lower than Q1 results.
The company said steel order activity remains solid from the automotive, construction, industrial, and energy sectors.
Q2 metal margins are anticipated to be lower than Q1’s near-record results, SDI said. Product pricing is seen remaining strong, but lower than sequential Q1 performance in conjunction with higher material costs. SDI sees a strong order backlog for its fabrication platform, and a high demand for its long products that supply the non-residential construction sector.
By Becca Moczygemba, becca@steelmarketupdate.com
Becca Moczygemba
Read more from Becca MoczygembaLatest in Steel Mills
Cliffs, POSCO announce MoU for ‘transformative’ partnership
Cleveland-Cliffs on Thursday said it had signed a memorandum of understanding (MoU) with POSCO to forge a strategic partnership, one Cliffs bills as "transformative."
Cliffs touts steel stamping solution to replace aluminum in automotive
Cliffs said it successfully completed a defect-free trial production of exposed steel parts using aluminum-forming equipment in collaboration with an unnamed OEM,
Nucor navigates mixed flat-rolled markets with strategic muscle
Nucor entered the fourth quarter with clear forward momentum: stronger-than-expected results, solid sheet and plate demand, and construction progress on a major new mill that should add capacity next year.
Nucor scraps plans for new rebar micro mill in Pacific Northwest
Nucor has pulled the plug on a planned rebar micro mill in the Pacific Northwest.
Nucor profits jump, but company cautions on Q4 outlook
Nucor’s profits more than doubled in the third quarter year over year, but the company expects Q4’25 to be lower sequentially.