Steel Dynamics, Inc. Announced Q1 2024 Earnings Guidance

SEATTLE (Scrap Monster): Steel Dynamics, Inc. (SDI) provided first quarter 2024 earnings guidance.

The company expects the quarterly earnings to range between $3.51 and $3.55 per diluted share. This compares with earnings of $2.61 per diluted share in sequential fourth quarter 2023 and $3.70 per diluted share in the prior year first quarter.

SDI expects meaningfully stronger profitability from its steel operations in Q1 2024 than the sequential fourth quarter, mainly driven by higher shipments and increased earnings across platform, especially from its flat rolled steel operations.

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The Q1 2024 earnings from the company’s metals recycling operations are also expected to be higher than sequential fourth quarter, partly driven by increased volume in both ferrous and nonferrous materials. Meantime, the earnings from the company’s steel fabrication operations are expected to be historically strong, but lower than sequential fourth quarter, primarily due to seasonally lower shipments and metal spread contraction.

SDI repurchased $279 million, or 1.4 percent, of its common stock during the first quarter through March 11, 2024. The Board of Directors recommended to increase the Q1 2024 cash dividend by 8% to $0.46 per common share.

The company will announce its Q1 2024 earnings after the markets close on Tuesday, April 23, 2024. A conference call is scheduled the following day at 11:00 a.m. EDT.