Steel Dynamics, Inc. STLD warned its second-quarter steel operation earnings is expected to decrease in comparison to its first-quarter results. The company provided second-quarter earnings guidance in the range of 86 cents to 90 cents per diluted share.
The company’s first-quarter earnings were 91 cents per diluted share and prior year second-quarter earnings were $1.53 per diluted share.
The reduced earnings are due to lower profitability from the company's long product steel operations, as shipments and metal spread declined in the quarter.
Steel Dynamics shares traded down 1.9% at $25.71 in Tuesday's pre-market session.
Other steel names moving in sympathy include Nucor Corporation NUE and AK Steel Holding Corporation AKS is down 0.9% at around $2..
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