Steel Dynamics forecasts lower-than-expected fourth-quarter profit

Reuters12-16

Dec 16 (Reuters) - Steel Dynamics posted its fourth-quarter earnings guidance on Monday, below Wall Street estimates, due to continued weakness in average steel pricing and the impact on volumes from an unexpected outage at its Butler flat roll mill.

Shares were down 3% before the bell.

The steelmaker is projecting fourth-quarter earnings to be between $1.26 and $1.30 per share, lower than analysts' estimate of $1.62 per share, according to data compiled by LSEG.

The Fort Wayne, Indiana-based company, however, notes the stabilization of flat-rolled steel prices and the underlying steel demand remaining seasonally steady for the primary steel-consuming sectors.

"Current order activity is steady with expectations for improved volumes in 2025, as interest rates decline and the support from the U.S. infrastructure program and onshoring are expected to positively impact demand," the company said.

Steel Dynamics expects to report its fourth-quarter 2024 earnings on January 22, 2025.

(Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Mohammed Safi Shamsi)

((Aatreyee.Dasgupta@thomsonreuters.com;))

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