US-based steel producer Steel Dynamics (SDI) has provided the second quarter 2024 earnings guidance in the range of $2.64 to $2.68 per diluted share. Comparatively, the company’s sequential first quarter 2024 earnings were $3.67 per diluted share, and prior year second quarter earnings were $4.81 per diluted share.
The company expects its steel operations in the second quarter to be lower than first quarter results, due to lower realized pricing offsetting steady shipments. Underlying domestic steel demand remains unchanged although steel buying hesitancy resulted from a weakening scrap price environment. SDI anticipates its metals recycling operations to be higher than first quarter results, based on stronger volumes in both ferrous and nonferrous materials.
In addition, the company expects its steel fabrication operations be in line with first quarter results, due to increased shipments offsetting lower realized pricing.