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Steel Dynamic provides downbeat profit outlook

Shares of Steel Dynamics Inc. were indicated down more than 1% in premarket trade Friday, after the steel producer provided a downbeat earnings outlook. The company expects fourth-quarter earnings per share of 36 cents to 40 cents. Excluding non-recurring items, adjusted EPS is expected to 40 cents to 44 cents, compared with the FactSet consensus of 44 cents. The company said given recent events related to a majority-owned joint venture, it is currently in the process of assessing asset carrying values, which could lead to further impairment charges. Profitability from steel operations are expected to “decrease significantly” from the third quarter because of lower shipments and metal spread compression. The stock has more than doubled year to date through Thursday, while the S&P 500 has gained 11%.

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Steel Dynamic provides downbeat profit outlook Reviewed by on . Shares of Steel Dynamics Inc. were indicated down more than 1% in premarket trade Friday, after the steel producer provided a downbeat earnings outlook. The com Shares of Steel Dynamics Inc. were indicated down more than 1% in premarket trade Friday, after the steel producer provided a downbeat earnings outlook. The com Rating:
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