Steel Mills
June 21, 2020
Steel Dynamics Guides Lower for Q2 Earnings
Written by Sandy Williams
Steel Dynamics expects its second-quarter earnings to be significantly lower than first-quarter results. Adjusted earnings per diluted share are expected to be in the range of $0.40 to $0.44, well below $0.88 per share reported in Q1.
The decline in earnings is due to lower steel demand and selling prices attributed to the temporary closures of steel-consuming businesses during the pandemic. Shelter-in-place mandates also resulted in diminished scrap collection and supply leading to an operating loss for the company’s metals recycling operation.
