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Steel News June 17, 2022 04:40:04 PM

SDI Steel Operations to Record Historically Strong Profits

Paul Ploumis
ScrapMonster Author
During the quarter, the company repurchased $397 million worth of its common stock.

SDI Steel Operations to Record Historically Strong Profits

SEATTLE (Scrap Monster): Steel Dynamics, Inc. (SDI) provided earnings guidance for second quarter 2022.

The quarterly earnings are likely to range between $6.33 and $6.37 per diluted share. Excluding the impact from costs associated with the startup of the company’s Sinton Texas Flat Roll Steel Mill, the company expects adjusted earnings of $6.61 to $6.65 per diluted share during the quarter. It must be noted that the company had reported earnings of $5.71 per diluted share and adjusted earnings of $6.02 per diluted share during the sequential first quarter 2022.

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The company expects historically strong profitability from its steel operations during the quarter. However, it will be lower than the Q1 2022 results, primarily due to low earnings from the flat roll steel operations. The earnings from the company’s metals recycling operations are expected to be significantly higher than sequential first quarter results. Also, it expects meaningfully higher earnings from its steel fabrication operations, compared with the prior quarter.

During the quarter, the company repurchased $397 million worth of its common stock.

SDI anticipates the strong momentum to continue into 2023.

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