Steel Dynamics’ earnings and revenue were lower in the fourth quarter of last year as steel selling prices declined.
The Fort Wayne, Ind.-based steel producer posted a profit of $424.3 million, compared with $634.9 million in the same quarter a year earlier.
Quarterly earnings were $2.61 a share, a dollar below the $3.61 a share logged last year but roughly in line with analyst forecasts, according to FactSet.
Sales slid to $4.23 billion from $4.83 billion in the year-ago quarter. Analysts surveyed by FactSet had expected $4.22 billion.
The average external product selling price from the company’s steel operations in the fourth quarter fell sequentially by $101 a ton to $1,090, while the average ferrous scrap cost per ton melted at its steel mills decreased by $12 a ton to $393.
Steel Dynamics said the current market dynamics support increased demand across its operating platforms in 2024.
“Steel pricing has firmed, and customer order entry activity continues to be solid across our steel operations, as demand continues to be steady and customer inventories remain at historically low levels,” Chairman and Chief Executive Mark Millett said.
