Steel Dynamics Issues Weak Third-Quarter Profit Projection
19 September 2015 - 9:16AM
Dow Jones News
By Maria Armental
Steel Dynamics Inc. on Friday issued financial projections for
the September quarter well below the Wall Street consensus, citing
persisting low steel prices.
Still, the steelmaker and metals recycler said it expects
profitability from its steel operations to improve in the third
quarter, from the previous quarter, even as shipments continue to
fall amid a global steel glut and high imports as China's economy
cools.
Steel Dynamics and other steelmakers have filed a trade
complaint alleging cheap imports from China, India, and other
countries are flooding the market.
Overall, the Fort Wayne, Ind., company projects third-quarter
profit of 20 cents to 24 cents a share, compared with the 38 cents
a share it made in the year-ago period.
Analysts surveyed by Thomson Reuters, on average, had projected
31 cents a share.
In July, when company officials released results for the June
quarter, they said they expected results to improve in the second
half of the year as demand for steel picked up.
Shares, down 9% this year, edged down 0.50% to $17.80 in late
trading.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
September 18, 2015 19:01 ET (23:01 GMT)
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