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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 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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