Steel Dynamics forecasts dip in profit as steel prices stay low
23 June 2015
Steel Dynamics Inc forecast a drop in second-quarter adjusted profit, citing a fall in average selling prices due to steel imports staying higher than anticipated.
The company's shares fell nearly 2 percent to $20.99 in premarket trading on Monday.
The steelmaker said it expected adjusted earnings of 20-24 cents per share for the current quarter, significantly less than the 31 cents per share it earned in the same period a year ago.
The dollar's strength over the past few quarters has left U.S. steelmakers reeling as cheaper imports from China, the biggest producer of the metal, flood the U.S. market, hurting prices.
Nucor Corp, the No. 1 U.S. steelmaker by market capitalization, also forecast a fall in quarterly profit last week.