Distributors/Service Centers
February 15, 2024
Written by David Schollaert
| Fourth quarter ended Dec.31 | 2023 | 2022 | % Change |
|---|---|---|---|
| Net sales | $3,337 | $3,623 | -7.9% |
| Net income (loss) | $273 | $295 | -7.6% |
| Per diluted share | $4.70 | $5.88 | -20.1% |
| Full year ended Dec.31 | |||
| Net sales | $14,806 | $17,025 | -13.0% |
| Net income (loss) | $1,336 | $1,840 | -27.4% |
| Per diluted share | $22.64 | $29.92 | -24.3% |
Earlier this week, SMU polled steel buyers on topics ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events. Below, we share a selection of the comments we received, in each buyer’s own words.
Worthington Steel said tight US steel supply, low imports, and extended lead times constrained shipments and quoting opportunities during its first fiscal quarter, even as the conditions supported pricing and spread sustainability.
Worthington Steel reported a surge in sales in its first quarterly results to include the Kloeckner acquisition, but the company posted a net loss as the acquisition reshaped its sales and operating mix.
SMU’s latest Flat-Rolled Steel Survey points to largely stable demand, but foreign steel orders have softened since the previous survey, and service centers continue to report stronger activity than manufacturers.
The results of the latest Steel Market Update (SMU) flat-rolled market survey are now available on our website to all premium members.