Steel Dynamics guides Q3 EPS $1.94-$1.98, down from $2.72 Q2 and $3.47 YoY

STEEL DYNAMICS INC

Q3 2024 diluted EPS guidance $1.94-$1.98; Q2 2024 EPS was $2.72, Q3 2023 was $3.47.
Steel operations profitability meaningfully lower due to lower flat-rolled pricing; 80% of flat-rolled contract-based tied to lagging indices.
Metals recycling earnings expected comparable to Q2; steel fabrication moderately lower with steady backlog into Q1 2025 at attractive pricing.
Company repurchased $307M (2% of common stock) during Q3 through Sept 11, 2024.
Underlying steel demand steady; expects improved volumes in 2025 on lower rates, infrastructure program, onshoring.

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