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
Republican Senators demand Biden block USS sale to Nippon
Three vocal Republican senators are demanding that President Joe Biden block the sale of U.S. Steel to Japan’s Nippon Steel.
Stelco reports solid Q1, plans to up value-added output
Stelco reported a positive start to 2024 in its first-quarter earnings report on Thursday. And with steady demand and a stable market, the Canadian flat-rolled steelmaker is optimistic for the remainder of the year.
AISI: Raw steel production inches higher
US raw steel output ticked up last week, according to the latest American Iron and Steel Institute (AISI) data.
Nucor surprises with $65/ton price drop for HRC
Nucor started off May with a bang, dropping its weekly base spot price for hot-rolled (HR) coil by $65 per short ton (st) this week.
Nucor breaks ground on new Berkeley galv line
Nucor broke ground on a new galvanizing line at its Nucor Steel Berkeley sheet mill in Huger, S.C., on Thursday, May 2.