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Steel Dynamics flags YOY drop in Q1 earnings

Steel Dynamics Inc. flagged a year-on-year decrease in its first-quarter EPS to between 88 U.S. cents and 92 U.S. cents, from 96 U.S. cents a year ago.

The company's first-quarter EPS is also lower compared to US$1.17 recorded in the fourth quarter of 2018.

Steel Dynamics said March 18 that earnings from its steel operations are expected to decline compared to the fourth quarter of last year due to the performance of its sheet operations. But a recent price hike in sheet steel prices resulted in more orders and reconstituted order backlogs.

Overall steel shipments are expected to increase sequentially, while average quarterly steel product pricing is projected to decrease more than the cost of average scrap consumed.

The company also anticipates a quarterly improvement from its metals recycling platform and steel fabrication businesses.