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Steel Dynamics, Inc. reports developments tied to its industrial metals platform, including steel production, metals recycling, downstream steel fabrication and aluminum operations. The company operates facilities in the United States and Mexico and uses recycled scrap as a primary input in its circular manufacturing model.
Recurring news themes for STLD include quarterly operating results, earnings guidance, cash dividends, share repurchases, capital investments and demand trends across non-residential construction, energy, automotive, industrial and beverage can markets. Company updates also cover governance matters, including board composition, and operational progress in aluminum flat rolled products alongside its established steel and recycling businesses.
Steel Dynamics, Inc. (STLD) has declared a quarterly cash dividend of $0.25 per common share. This dividend is set to benefit shareholders of record by September 30, 2020, and will be payable on or about October 16, 2020. As one of the largest steel producers and metals recyclers in the U.S., Steel Dynamics continues to produce various steel products and maintain a strong market position.
Steel Dynamics (NASDAQ: STLD) has completed the acquisition of Zimmer, S.A. de C.V., a Mexican metals recycling company, enhancing its raw material procurement strategy for its new Texas flat roll steel mill set to operate by mid-2021. The acquisition was funded with available cash and is intended to improve cost-effective ferrous scrap procurement, with Zimmer's facilities shipping approximately 500,000 gross tons of scrap annually, and a processing capacity of two million gross tons. This acquisition aims to bolster Steel Dynamics' metals recycling presence in Mexico.
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Steel Dynamics, Inc. (NASDAQ/GS: STLD) announced it will release its second quarter 2020 financial results after market close on July 20, 2020. The company will host a teleconference on July 21, 2020, at 10:00 a.m. EDT, featuring Mark D. Millett, President and CEO, and Theresa E. Wagler, CFO. Interested participants can dial +1.201.689.8040 to join, or access a listen-only mode via the company's website. An audio replay of the call will be available until July 26, 2020.
Steel Dynamics, Inc. reported second quarter 2020 net sales of $2.1 billion and net income of $75 million, or $0.36 per diluted share. Adjusted net income was $100 million, or $0.47 per diluted share. Compared to the second quarter of 2019, sales decreased by 25% and earnings dropped 61%. Operating income was $159 million with an EBITDA of $217 million. The company's liquidity improved to $2.8 billion, and steel shipments were only 12% lower than record first quarter volumes. The impact of COVID-19 resulted in lower demand, particularly in the automotive sector.
Steel Dynamics, Inc. (STLD) will release its second quarter 2020 financial results after market close on July 20, 2020. A teleconference hosted by CEO Mark D. Millett and CFO Theresa E. Wagler will occur on July 21, 2020, at 10:00 a.m. EDT. Participants can join by calling +1.201.689.8040 or via the company's website. An audio replay will be available until July 26, 2020, with details accessible on the Steel Dynamics website. This earnings call is anticipated to give insights into the company's performance amidst the ongoing economic conditions.
Steel Dynamics (NASDAQ: STLD) announced its second quarter 2020 earnings guidance, forecasting earnings between $0.29 and $0.33 per diluted share. Adjusted earnings are expected to range from $0.40 to $0.44 after accounting for approximately $25 million in additional financing costs and $10 million in start-up costs for its new Texas steel mill. Compared to the first quarter of 2020, which had earnings of $0.88 per share, the expected results reflect significant challenges due to the COVID-19 pandemic impacting steel demand.