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Steel Dynamics flags lower Q4'19 earnings on maintenance outages

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Steel Dynamics flags lower Q4'19 earnings on maintenance outages

Indiana-based Steel Dynamics Inc. expects to record fourth-quarter EPS of 49 U.S. cents to 53 cents, dropping from US$1.17 year over year and 69 cents quarter over quarter.

The results included the impact of about US$15 million in costs from planned outages at the company's Butler and Columbus flat roll divisions and a reduction in flat roll steel shipments of about 70,000 to 80,000 tons.

Additional costs of about US$4 million related to the company's December refinancing activities also weighed on performance, according to a Dec. 16 news release.

Earnings from the company's steel operations are expected to fall compared to the third quarter due to the two outages, seasonally lower shipments and margin compression.

Profits from Steel Dynamics' metals recycling platform are expected to decline from the previous quarter due to lower ferrous shipments and average selling values.

Steel Dynamics expects results from its steel fabrication business to modestly decrease from near record-high third-quarter results due to margin compression. The company noted that demand for steel fabrication remains strong, with the possibility of record shipments in the fourth quarter.