Steel Dynamics provides the 3rd Quarter 2021 Record Earnings Guidance
Fort WAYNE, Ind., Sept. 15, 2021 /PRNewswire/ -- Steel Dynamics, Inc. today provided third quarter 20 21 earnings guidance in the range of $4.78 to $4,82 per The company expects third quarter 2021 adjusted earnings to be in the range of $4.88 to $4,92 per diluted share, as a result of the expense associated with the construction of securing the Sinton Texas Flat Roll
The company's sequential second quarter 2021 earnings were $3,32 per diluted share and adjusted earnings was $3.40 per per share, excluding the impact of construction costs related to the Texas steel mill of $0.08 per second. The Company's Texas steel mill is worth a hundred dollars per diluted share.
A new quarterly record compiled by strong steel demand and significant metal spread expansion across the entire platform, and most pronounced in flat roll steel operations. The third quarter 2021, a significant increase in profitability from the company's steel business The company's steel portfolio will expect strong steel shipments from the third quarter 2021. The demand for domestic steel remains strong, with the automotive industry continuing to lead the momentum. As strong demand increases, the ability to stand the ground ground for high steel selling values. The company believes that this momentum will continue, resulting in even stronger fourth quarter results.
The company expects ferrous scrap demand to be lowered by the fourth quarter of 2021.
The company's steel manufacturing operations will be more than two and one-half times better than sequential strong second quarter results, as the prices and expected record quarterly shipments more and more offset higher steel input costs. The non-residential construction industry remains strong, as evidenced by the increased, robust and increasing order activity, resulting in another record order backlog and record forward-pricing for the steel manufacturing platform. The company expects that momentum to continue until the remainder of the year and 2022 based on these dynamics.
The company anticipates the consolidated fourth quarter 2021 earnings to be even stronger than third quarter guidance. As long as the company is confident in cash flow generation, it repurchased approximately $280 million of its common stock during the third quarter 2021 through September 10-2021.
About Steel Dynamics, Inc. Steel Dynamics is one of the largest domestic steel producers and metal recyclers in the United States, and uses its facilities throughout the US and Mexico, to achieve the highest domestic success rate. Steel Dynamics produces steel products, including hot roll, cold roll and coated sheet steel, structural steel beams and shapes, rail, engineered steel and steel joists, and deck, specializing in special bar-quality steel. This company also produces liquid pig iron, processes and sells ferrous and nonferrous scrap.
Notes about non-GAAP financial measures which relate to nonGAPA's nonGAP financial actions Note Note. The company reports its financial results according to the generally accepted accounting principles (GAAP) of the United States. Management believes that Adjusted Diluted Earnings Per Share, a non-GAAP financial measure, provides additional meaningful information about the company's performance and financial strength. The company's report complies with GAAP, however, should be viewed as a means of identifying the non-GAAP financial measures, not as an alternative to the companys reported results. In addition, because not all companies use identical calculations, Adjusted Diluted Earnings Per Share included in this release may not be comparable to similarly titled measures of other companies.
Statements for the future look forward to. This press release contains some predictions about future events, including assumptions about the condition in domestic or global economies, conditions in steel and recycled metals market places, Steel Dynamics' revenues, cost of purchased materials, future profitability and earnings, and the operation These statements, which we often precede or accompany, are considered "forward-looking," subject to many risks and uncertainties, within the safe harbor protection of the Private Securities Litigation Reform Act of 1995. These statements are only used as a date of this date and are based on information and assumptions that we consider reasonable as of the date, regarding their business and the environment in which they operate. Such predictive statements are not guaranteeing future performance. We undertake no obligation to update or revise such statements. (4) the cyclical nature of the steel industry and our industries; (2) the cost and availability of scrap metal, such as the COVID-19 pandemic; (5) the risk of a major failure of our technology; (12
The more detailed explanations of these and other factors and risks that may cause such predictive statements to differ, as defined in our most recent Annual Report on Form 10-K, under the headings Special Note regarding Forward-Looking Statements and Risk These are available publicly on the Securities and Exchange Commission website, www.sec.gov, and in the Steel Dynamics website. www steeldynamics.com under "Investors SEC Filings".
SOURCE Steel Dynamics Inc.