Steel Dynamics, Inc. (NASDAQ: STLD) has issued earnings guidance for the third quarter of 2024 in the $1.94-$1.98 per share range. This represents a decline from the company's second-quarter 2024 earnings of $2.72 per share and its third-quarter 2023 earnings of $3.47.
STLD's steel operations profitability is expected to be significantly lower than the second quarter due to reduced average realized pricing in the flat rolled operations. Approximately 80% of this business is contract-based, linked to lagging pricing indices. However, flat rolled steel prices have stabilized and are showing improvement, with underlying demand remaining consistent.
The metals recycling division's earnings for the third quarter of 2024 are anticipated to be in line with second-quarter results, as steady volumes offset the impact of slightly lower realized pricing.
Steel Dynamics, Inc. Price and Consensus
Steel Dynamics, Inc. price-consensus-chart | Steel Dynamics, Inc. ...
