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Steel Dynamics Inc. believes that strong global demand for steel resulted in strong results in the second quarter.
Company officials said Wednesday they expect earnings of $ 3.26 to $ 3.30 per share for the second quarter.
Excluding the impact of the costs associated with building its flat mill near Sinton with a growth investment of about 8 cents per share, Steel Dynamics expects adjusted earnings of $ 3.34 to $ 3.38 per share.
Steel Dynamics achieved earnings of 36 cents per share in the same period last year, or 47 cents per share when adjusted.
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Steel Dynamics’ facility near Sinton is slated to begin operations in mid-2021, officials said on Friday. (Photo: Contributed)
The company says it is in the final stages of completing the construction of its $ 1.9 billion electric arc furnace flat mill located near State Highway 89 and US Highway 77. Officials for the company in Fort Wayne, Indiana, have announced that it will open sometime this summer.
Company officials said in their conference call with investors on Wednesday that they expect steel shipments to increase in the second quarter versus the first quarter across the steel portfolio and potentially hit a record quarterly volume. Automotive, construction and industrial sectors continue to lead domestic steel demand, the company said.
Steel Dynamics Inc. is building a $ 1.9 billion steel mill near Sinton. (Photo: Contributed by Steel Dynamics Inc.)
Steel Dynamics also said it sees strong demand for scrap iron in the second quarter as domestic steel production improves. The company expects higher prices and quarterly record shipments in its steel production, which could more than offset higher steel feed-in costs.
Last month, the Texas Commission on Environmental Quality Board of Directors gave the company the go-ahead for a wastewater permit for its Sinton facility.
With the ticket, Steel Dynamics can discharge up to 1.5 million purified process wastewater, industrial wastewater and previously monitored wastewater from the plant every day.
Chris Ramirez writes about energy, trade and everything related to business. Support such local coverage by checking out our subscription options and specials at Caller.com/subscribe
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