UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Item 7.01. Regulation FD Disclosure.
On September 16, 2024, Steel Dynamics, Inc. issued a press release titled “Steel Dynamics Provides Third Quarter 2024 Earnings Guidance.” A copy of that press release is attached hereto as Exhibit 99.1.
The information contained in Exhibit 99.1 is furnished under this Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing thereunder or under the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in any such filing.
Item 9.01. Financial Statements and Exhibits
(d ) Exhibits.
The following exhibit is furnished with this report:
Exhibit Number | Description |
99.1 | A press release dated September 16, 2024, titled “Steel Dynamics Provides Third Quarter 2024 Earnings Guidance.” |
104 | Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereto duly authorized.
STEEL DYNAMICS, INC. | ||
/s/ Theresa E. Wagler | ||
Date: September 17, 2024 | By: | Theresa E. Wagler |
Title: | Executive Vice President and Chief Financial Officer |
Exhibit 99.1
Press Release September 16, 2024 |
7575 W. Jefferson Blvd.
Fort Wayne, IN 46804
Steel Dynamics Provides Third Quarter 2024 Earnings Guidance
FORT WAYNE, INDIANA, September 16, 2024 / PRNewswire / Steel Dynamics, Inc. (NASDAQ/GS: STLD) today provided third quarter 2024 earnings guidance in the range of $1.94 to $1.98 per diluted share. Comparatively, the company’s sequential second quarter 2024 earnings were $2.72 per diluted share, and prior year third quarter earnings were $3.47 per diluted share.
Third quarter 2024 profitability from the company’s steel operations is expected to be meaningfully lower than sequential second quarter results, based on lower average realized pricing within the flat rolled operations as generally 80 percent of this business is contractually based and tied to lagging pricing indices. Flat rolled steel prices stabilized in the third quarter 2024 and have improved. Underlying steel demand remains steady.
Third quarter 2024 earnings from the company’s metals recycling operations are expected to be comparable to second quarter sequential results, based on steady volumes offsetting marginally lower realized pricing.
Third quarter 2024 earnings from the company’s steel fabrication operations are expected to be moderately lower than sequential second quarter results, based on an anticipated slight decline in average realized pricing. The order backlog is steady, extending into the first quarter 2025 at attractive pricing levels. 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 for not only steel joist and deck products, but also for flat rolled and long product steels.
Based on continued confidence in the company’s earnings outlook and cash flow generation, the company repurchased $307 million, or two percent, of its common stock during the third quarter through September 11, 2024.
The company plans to release its third quarter 2024 earnings after the markets close on Wednesday, October 16, 2024, and will hold a conference call the following day at 11:00 a.m. Eastern Daylight Time to review the company's results.
About Steel Dynamics, Inc.
Steel Dynamics is one of the largest domestic steel producers and metals recyclers in North America, based on estimated annual steelmaking and metals recycling capability, with facilities located throughout the United States, and in Mexico. Steel Dynamics produces steel products, including hot roll, cold roll, and coated sheet steel, structural steel beams and shapes, rail, engineered special-bar-quality steel, cold finished steel, merchant bar products, specialty steel sections, and steel joists and deck. In addition, the company produces liquid pig iron and processes and sells ferrous and nonferrous scrap.
Forward-Looking Statements
This report contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals market places, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as "anticipate", "intend", "believe", "estimate", "plan", "seek", "project", or "expect", or by the words "may", "will", or "should", are intended to be made as "forward-looking", subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel, together with increased scrap prices; (3) pandemics, epidemics, widespread illness or other health issues; (4) the cyclical nature of the steel industry and the industries we serve; (5) volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass higher costs on to our customers; (6) cost and availability of electricity, natural gas, oil, and other energy resources are subject to volatile market conditions; (7) increased environmental, greenhouse gas emissions and sustainability considerations from our customers or related regulations; (8) compliance with and changes in environmental and remediation requirements; (9) significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (10) availability of an adequate source of supply of scrap for our metals recycling operations; (11) cybersecurity threats and risks to the security of our sensitive data and information technology; (12) the implementation of our growth strategy; (13) litigation and legal compliance; (14) unexpected equipment downtime or shutdowns; (15) governmental agencies may refuse to grant or renew some of our licenses and permits; (16) our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (17) the impacts of impairment charges.
More specifically, we refer you to our more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our Quarterly Reports on Form 10-Q, or in other reports which we file with the Securities and Exchange Commission. These reports are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on our website, www.steeldynamics.com under “Investors – SEC Filings.”
Contact: Investor Relations — +1.260.969.3500
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Cover |
Sep. 16, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Sep. 16, 2024 |
Entity File Number | 0-21719 |
Entity Registrant Name | STEEL DYNAMICS, INC. |
Entity Central Index Key | 0001022671 |
Entity Tax Identification Number | 35-1929476 |
Entity Incorporation, State or Country Code | IN |
Entity Address, Address Line One | 7575 West Jefferson Blvd |
Entity Address, City or Town | Fort Wayne |
Entity Address, State or Province | IN |
Entity Address, Postal Zip Code | 46804 |
City Area Code | 260 |
Local Phone Number | 969-3500 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock voting, $0.0025 par value |
Trading Symbol | STLD |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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