Market Segment
June 17, 2024
Written by Laura Miller
Steel Dynamics Inc. guided to significantly reduced second-quarter earnings as its steel operations have taken a hit from lower prices.
SDI said on Monday it expects Q2’24 earnings to be $2.64 to $2.68 per diluted share. This is down markedly from earnings of $3.67/share in Q1’24 and $4.81/share in Q2’23.
Domestic raw steel output fell to a six-month low last week after hitting a multi-year high one week earlier, according to the latest American Iron and Steel Institute (AISI) figures.
The proposed Hyundai-POSCO steel mill in Louisiana has been approved for up to $1.3 billion in bond financing, according to state records and local media reports.
The United Steelworkers (USW) union plans to extend its current labor contract with U.S. Steel and Cleveland-Cliffs by 48-hours on a rolling basis, the union told SMU on Monday.
Nucor said on Monday, Sept. 21, that its consumer spot price (CSP) for hot-rolled (HR) coil will be $1,210 per short ton (st) this week, a $10/st increase from a week earlier.
The United Steelworkers (USW) union on Sunday said it remained far apart from U.S. Steel over the terms of a new labor contract. Meanwhile, the deadline for negotiating a new contract inches closer.