FORT WAYNE, Ind., Sept. 16, 2024 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today provided third quarter 2024 earnings guidance in the range of $1.94 to $1.98 per diluted share. Comparatively, the company's sequential second quarter 2024 earnings were $2.72 per diluted share, and prior year third quarter earnings were $3.47 per diluted share.
Third quarter 2024 profitability from the company's steel operations is expected to be meaningfully lower than sequential second quarter results, based on lower average realized pricing within the flat rolled operations as generally 80 percent of this business is contractually based and tied to lagging pricing indices. Flat rolled steel prices stabilized in the third quarter 2024 and have improved. Underlying steel demand remains steady.
Third quarter 2024 earnings from the company's metals recycling operations are expected to be comparable to second quarter sequential results, based on steady volumes offsetting marginally lower realized pricing.
Third quarter 2024 earnings from the company's steel fabrication operations are expected to be moderately lower than sequential second quarter results, based on an anticipated slight decline in average realized pricing. The order backlog is steady, extending into the first quarter 2025 at attractive pricing levels. Current order activity is ...
