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Steel News June 18, 2024 07:20:31 PM

SDI Predicts Dip in Profitability from Steel Operations

Paul Ploumis
ScrapMonster Author
The company repurchased $247 million of its common stock during the second quarter of the year.
SDI Predicts Dip in Profitability from Steel Operations

SEATTLE (Scrap Monster): Fort Wayne, Indiana-headquartered Steel Dynamics, Inc. (SDI) announced guidance for its second quarter 2024 earnings.

The company expects Q2 2024 earnings to range between $2.64 and $2.68 per diluted share. This compares with the company’s sequential first quarter 2024 earnings of $3.67 per diluted share and prior year second quarter earnings of $4.81 per diluted share.

The news release by the company suggests meaningfully lower profitability from its steel operations during the quarter, mainly driven by lower realized prices. The underlying domestic steel demand continued to remain intact during the quarter. On the other hand, the Q2 2024 earnings from SDI’s metals recycling operations are expected to be much higher than Q1, mainly on account of stronger ferrous and nonferrous materials volumes.

ALSO READ: SDI Announced Important Leadership Appointments

SDI expects its Q2 2024 earnings from the company’s steel fabrication operations to be in line with sequential first quarter results. The incrementally lower realized pricing was offset by increased shipments.

The company repurchased $247 million of its common stock during the second quarter of the year.

SDI plans to release its Q2 2024 earnings after the markets close on Wednesday, July 17, 2024, followed by a conference call the following day at 11:00 a.m. ETD to review the quarterly results.

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