Steel Dynamics Inc Stock Price, News & Analysis

Steel Dynamics (NASDAQ/GS: STLD) has provided third quarter 2024 earnings guidance of $1.94 to $1.98 per diluted share, lower than Q2 2024 ($2.72) and Q3 2023 ($3.47). The company expects lower profitability from steel operations due to reduced flat rolled pricing, although prices have stabilized and improved. Metals recycling earnings are anticipated to be comparable to Q2, while steel fabrication earnings are expected to be moderately lower. The order backlog extends into Q1 2025 with attractive pricing. STLD repurchased $307 million of common stock in Q3 through September 11, 2024. The company will release Q3 2024 earnings after market close on October 16, 2024, followed by a conference call on October 17.

Steel Dynamics (NASDAQ: STLD) has filed trade petitions against ten countries for corrosion resistant flat rolled steel (CORE) imports. The company, along with four other organizations, is seeking antidumping duties against Australia, Brazil, Canada, Mexico, the Netherlands, South Africa, Taiwan, Turkey, UAE, and Vietnam, as well as countervailing duties against Brazil, Canada, Mexico, and Vietnam.

The petitions come in response to a 57% surge in CORE imports from these countries, rising from 1.25 million tons to nearly 2 million tons between the first half of 2023 and 2024. This increase has negatively impacted the domestic steel industry's volume, prices, and profits. Steel Dynamics has invested $3.7 billion in its steel divisions since June 2019, including a new 3.0-million-ton electric arc furnace mill and several galvanizing and paint lines.

Steel Dynamics (NASDAQ/GS: STLD) has announced its third quarter 2024 cash dividend of $0.46 per common share. The dividend will be payable on or about October 11, 2024, to shareholders of record at the close of business on September 30, 2024. This announcement demonstrates Steel Dynamics' commitment to returning value to its shareholders through regular dividend payments. The consistent dividend payout may be seen as a positive indicator of the company's financial stability and confidence in its future performance.

Steel Dynamics (NASDAQ/GS: STLD), a major North American steel producer and metals recycler, has announced its second quarter 2024 earnings release and conference call schedule. The company will release financial results after market close on July 17, 2024, followed by a teleconference on July 18, 2024, at 11:00 a.m. Eastern Daylight Time.

The call will be hosted by key executives including Mark D. Millett (Chairman and CEO), Theresa E. Wagler (CFO), and Barry Schneider (President and COO). Participants can join via phone or webcast, with replay options available until July 25, 2024.

Steel Dynamics (NASDAQ: STLD) reported Q2 2024 financial results with net sales of $4.6 billion and net income of $428 million ($2.72 per diluted share). The company achieved operating income of $559 million and adjusted EBITDA of $686 million. Key highlights include:

- Steel shipments of 3.2 million tons
- Strong liquidity of $2.7 billion
- Share repurchases of $309 million
- Cash flow from operations of $383 million

Despite stable underlying steel demand, earnings declined sequentially due to lower realized selling values in steel operations. The company expects steel pricing to firm and consumption to remain solid in H2 2024, supported by automotive, non-residential construction, and industrial sectors.

Steel Dynamics has announced its second quarter 2024 earnings conference call and webcast. The financial results will be released after market close on July 17, 2024. The teleconference, hosted by key executives including CEO Mark D. Millett, will take place on July 18, 2024, at 11:00 a.m. EDT. Investors can join by dialing +1.973.528.0011 or via the company's website. An audio replay will be available until July 25, 2024, on the Steel Dynamics website.

Steel Dynamics (NASDAQ: STLD) announced the successful sale of $600 million in 5.375% Notes due 2034. The company plans to use the net proceeds for general corporate purposes, including the potential repayment of $400 million in 2.800% Senior Notes due December 2024. Theresa E. Wagler, Executive Vice President and CFO, highlighted the importance of this transaction in bolstering the company's long-term strategic goals, maintaining investment-grade credit ratings, and supporting future growth. The Notes offering was managed by J.P. Morgan Securities, Morgan Stanley, BofA Securities, Wells Fargo Securities, Goldman Sachs, and PNC Capital Markets.

Steel Dynamics (NASDAQ/GS: STLD) congratulates Mark D. Millett for receiving the 2024 Willy Korf / Ken Iverson Steel Vision Award. This award honors leaders who make significant contributions to the steel industry, promoting goodwill and integrity. Mark Millett, co-founder of Steel Dynamics since 1993, has driven innovation and growth in the steel industry. He has led the company from its inception to a leading industrial metals solutions company with over 12,000 team members. Millett has been the CEO since January 2012 and was named Chairman of the Board in May 2021.

Steel Dynamics (NASDAQ: STLD) has provided its earnings guidance for Q2 2024, projecting earnings per diluted share between $2.64 and $2.68. This is a decline from Q1 2024 earnings of $3.67 per share and Q2 2023 earnings of $4.81 per share. The company's steel operations are expected to see lower profitability due to decreased pricing, despite steady shipments. Metals recycling earnings are predicted to rise thanks to higher volumes. Steel fabrication earnings should remain consistent with Q1 2024, supported by increased shipments. Solid demand persists in the automotive, non-residential construction, energy, and industrial sectors. During Q2, Steel Dynamics repurchased $247 million in common stock, representing 1.1% of shares, demonstrating confidence in its financial outlook. The company will release its full Q2 2024 earnings report on July 17, 2024, followed by a conference call on July 18, 2024, at 11:00 a.m. EDT.