(Steel Dynamics) Steel Dynamics expects record earnings per diluted share of $6.33 to $6.37 in the second quarter, reflecting strong demand and higher pricing.
Steel Dynamics says that the earnings per share will be $6.61 to $6.65, excluding the impacts of costs relating to the startup of the company’s Sinton Texas Flat Roll Steel Mill.
The company still said that its second-quarter profitability from steel operations would be lower compared to the first quarter, despite being historically robust. The lower profitability reflects a decrease in earnings from the company’s flat roll steel operations.
The company said that its long product steel products demand remains strong, which supports increased average realized pricing.
Steel Dynamics also says that earnings from its metals recycling operations will be substantially higher than sequential first-quarter results. The earnings are supported by strong demand and higher pricing.
Steel Dynamics said that the confidence in the company’s earnings outlook and cash flow generation prompted it to repurchase $397 million in shares. The repurchase represents over 2.5% of its common stock during the second quarter through June 10.
STLD: NASDAQ is down -2.33%.
