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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 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.
Steel Dynamics, Inc. declares a second quarter cash dividend of $0.46 per common share, payable to shareholders on record as of June 30, 2024. The dividend will be paid on or about July 12, 2024.
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