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Steel Dynamics Inc. (NASDAQ: STLD), founded in 1993, stands out as a unique entity among American steel companies. Headquartered in Fort Wayne, Indiana, the company commenced production at its Butler, IN, flat roll mill in 1996, which remains a leader in flat roll steel production.
The company’s core operations encompass several segments:
- Steel Operations: Produces hot roll, cold roll, and coated sheet steel, structural beams, rail, engineered special-bar-quality steel, and more, with an annual production capacity of roughly 16 million tons.
- Metals Recycling Operations: Processes and sells ferrous and nonferrous scrap, playing a crucial role in the company’s scrap-based steel minimills.
- Steel Fabrication Operations: Includes New Millennium Building Systems, which produces joists, girders, and decking for nonresidential construction across six U.S. and Mexican facilities.
- Aluminum Operations Segment: A relatively new venture, aiming to diversify into the aluminum flat rolled products market by mid-2025.
Steel Dynamics has shown consistent growth through strategic investments and acquisitions. Recent achievements include record annual shipments in 2023 and the launch of a state-of-the-art electric arc furnace flat rolled steel mill in Texas. Additionally, the company is focusing on sustainability with biocarbon production and renewable energy agreements.
Financially, Steel Dynamics reported 2023 net sales of $18.8 billion and a net income of $2.5 billion. The company maintains strong liquidity with over $3.5 billion in cash flow from operations, supporting continued expansion and shareholder returns through dividends and share repurchases.
The outlook for 2024 remains positive, driven by robust demand from the construction, automotive, energy, and industrial sectors, coupled with the benefits of onshoring manufacturing and public infrastructure investments.
Steel Dynamics (NASDAQ: STLD) has been awarded a 2024 Sustainability Partner Award by Union Pacific, recognizing their leadership in sustainability practices. The company was among 16 organizations honored at Union Pacific's annual Sustainability Partner Award Ceremony. The selection criteria included innovative business practices reducing environmental impact and effective stakeholder engagement.
Co-Founder, Chairman, and CEO Mark D. Millett attributed this recognition to the team's passion, dedication to excellence, and drive to create innovative product and supply-chain solutions while maintaining sustainability leadership in the steel industry.
Steel Dynamics (NASDAQ: STLD) has declared a quarterly cash dividend of $0.46 per common share for the fourth quarter of 2024. The dividend will be paid to shareholders of record as of December 31, 2024, with the payment scheduled for January 10, 2025.
Steel Dynamics (NASDAQ: STLD) has joined the EPA's Green Power Partnership, ranking #21 among Fortune 500® Green Power Partners and #33 on the National Top 100 List. In 2023, the company utilized 690 million kilowatt-hours of green power, meeting 10% of its steel mill operations' electricity needs and achieving its 2025 renewable energy goal.
The company signed the largest renewable product purchase agreement in North America's steel industry, covering approximately 15% of its steel mills' electricity usage. The wind energy center, operational since Q1 2024, marks a significant step toward their 2030 goal of 30% renewable electricity and will contribute to reducing Scope 2 greenhouse gas emissions intensity.
Steel Dynamics (NASDAQ/GS: STLD), a major North American steel producer and metals recycler, has announced its Third Quarter 2024 earnings conference call and webcast details. The company will release its financial results after market close on October 16, 2024. The teleconference is scheduled for 11:00 a.m. Eastern Daylight Time on October 17, 2024.
The call will be hosted by Mark D. Millett (Chairman and CEO), Theresa E. Wagler (Executive VP and CFO), and Barry Schneider (President and COO). Participants can dial +1.973.528.0011 and reference the Steel Dynamics Third Quarter 2024 Earnings Call. A webcast will also be available on the company's website. An audio replay will be accessible until October 24, 2024, by dialing +1.919.882.2331 with conference ID 51360.
Steel Dynamics (NASDAQ: STLD) reported third quarter 2024 financial results with net sales of $4.3 billion and net income of $318 million, or $2.05 per diluted share. The company achieved adjusted EBITDA of $557 million and cash flow from operations of $760 million. Key highlights include:
- Steel shipments of 3.2 million tons
- Strong liquidity of $3.1 billion
- Share repurchases of $310 million
Despite stable underlying steel demand, earnings declined sequentially due to lower average realized steel pricing. The company's steel operations reported operating income of $305 million, while steel fabrication operations achieved $166 million. Steel Dynamics maintains a positive outlook for 2025, expecting steel pricing recovery and benefits from ongoing investments in value-added products.
Steel Dynamics, Inc. (NASDAQ/GS: STLD) has announced certified, science-based greenhouse gas (GHG) emissions intensity targets for its steel mills. The company aims to achieve 0.12 metric tons of CO₂e per metric ton of hot rolled steel produced by 2050, aligning with the 1.5° C scenario of the Paris Agreement. An interim target of 0.80 metric tons of CO₂e per metric ton by 2030 has also been set, representing a 15% reduction from the 2022 base year.
These targets were established using the Global Steel Climate Council's (GSCC) Steel Climate Standard and have been verified by KERAMIDA and certified by the GSCC. Steel Dynamics is investing in a $260 million biocarbon production facility expected to decrease Scope 1 emissions by up to 35%. The company has also signed a significant renewable product purchase agreement and is committed to further reducing its carbon impact through various initiatives.
Steel Dynamics, Inc. (NASDAQ/GS: STLD), a major domestic steel producer and metals recycler in North America, has announced its plans to release Third Quarter 2024 financial results after market close on Wednesday, October 16, 2024. The company will host a teleconference on Thursday, October 17, 2024, at 11:00 a.m. Eastern Daylight Time.
The call will be led by Mark D. Millett (Chairman and CEO), Theresa E. Wagler (Executive VP and CFO), and Barry Schneider (President and COO). Participants can join by dialing +1.973.528.0011 and referencing the Steel Dynamics Third Quarter 2024 Earnings Call. A webcast will also be available on the company's website. An audio replay will be accessible until October 24, 2024, by dialing +1.919.882.2331 with conference ID 51360.
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.
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