Tag: earnings

Australia’s BlueScope Steel has lowered its earnings guidance due to challenging conditions in the global steel industry.

Reliance Inc. reported a fall in third-quarter earnings, exacerbated by near-term election and demand uncertainty. With little relief expected through the end-of-year holidays, North America's largest metals service center group is looking ahead to better days in 2025.

Swedish steelmaker SSAB said its weaker third-quarter financial performance was due to muted demand, planned maintenance outages, and the continued decline of US plate prices.

Nucor's profits dropped precipitously in the third quarter on lower prices in its steel mills segment as the company expects a continued earnings slide for Q4'24.

CMC Fourth quarter ended Aug. 31 2024 2023 Change Net sales $1,996.1 $2,209.2 -9.6% Net income (loss) $103.9 $184.2 -43.6% Per diluted share $0.90 $1.56 -42.3% Full year ended Aug. 31 Net sales $7,925.9 $8,799.5 -9.9% Net income (loss) $485.5 $859.7 -43.5% Per diluted share $4.14 $7.25 -42.9% (in millions of dollars except per share) […]

Steel Dynamics Inc. (SDI) reported a drop in third-quarter profits driven largely by lower flat-rolled steel prices. The Fort Wayne, Ind.-based electric arc furnace (EAF) steelmaker also saw scrap prices slip. That happened because of softer demand from domestic mills taking planned maintenance outages.

Canadian flat-rolled steelmaker Algoma predicts that it will be roughly breakeven on an adjusted EBITDA basis in the second quarter of its fiscal year. The Sault Ste. Marie, Ontario-based company expects adjusted EBIDTA in a range from a gain of $5 million CAD ($3.7 million USD) to a loss of $5 million CAD in fiscal Q2'25.

Worthington Steel’s earnings tumbled in its fiscal first quarter of 2025. The company cited a drop in selling prices and tons sold for the sales dip for the three months ended Aug. 31.

U.S. Steel expects third-quarter adjusted earnings of approximately $300 million, according to figures released on Thursday. The Pittsburgh-based steelmaker said the result was in line with prior guidance and came despite “challenging pricing dynamics.” The company also said the third quarter likely reflected a “bottoming steel price environment.”

Nucor blamed lower steel prices for weaker third-quarter results in earnings guidance released on Tuesday.

Despite this summer’s “challenging near-term pricing and uncertain macroeconomic conditions,” Algoma Steel CEO Michael Garcia said the company is focusing on what it can control: operating safely, providing exceptional customer service, and successfully executing its capital programs.

Friedman Industries reported positive earnings in its 2024 fiscal first quarter ended June 30.

The company is in the process of being acquired by Cleveland-Cliffs in a deal valued at USD$2.5 billion.

SunCoke Energy Inc.’s earnings improved in the second quarter, with the company citing strong performances in its coke-making and logistics segments.

Nearly 1,200 people have registered for SMU Steel Summit, which is less than a month away now. That means we’re still on pace to meet or exceed last year’s record attendance despite a tough flat-rolled steel market over the last few months. So, a big thank you to everyone who already plans to go for your continued support. If you haven’t booked travel yet, don’t miss out on one of the greatest shows in steel – register here. (You can also check out the latest agenda here.)

GrafTech cited a “challenging” part of the business cycle as its net loss widened in the second quarter.

SMU has heard from some larger buyers who have stepped back into the market to buy at prices that, if not at a bottom, they assess to be close to one. Is it enough to stretch out lead times and send prices upward again? Or do we continue to scrape along the mid-$600s per short ton (st) as we have been doing for most of the last month?

Reliance Inc. said a faster-than-expected decline in carbon steel prices offset higher shipments in the second quarter.

Nucor has lowered the 2024 production estimate for its Brandenburg, Ky., plate mill due to soft market conditions.

SSAB said lower plate prices in the US were the primary reason for reduced results in the second quarter. With a dismal Q3 outlook, the Swedish steelmaker is adjusting production across its facilities. That includes moving up its annual US mill outage in anticipation of a better Q4. SSAB Americas Revenues in the Americas segment […]

Nucor’s top executive expressed concerns over unfair trade practices, highlighting increased steel imports from Mexico and Canada.

Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves had some insightful things to say today about the steel market and about a conference we suspect might be Steel Summit.

Cleveland-Cliffs expects its acquisition of Canada’s Stelco to close later this year, which will help the the Cleveland-based steelmaker as a bottom to steel tags nears.

Nucor recording lower second quarter earnings on falling steel prices. And the Charlotte, N.C.-based predicted that profits would be lower still in the third quarter, primarily because of weaker results from its steel mills divisions.

Cleveland-Cliffs’ earnings tumbled in the second quarter as the company cited weak demand and pricing.

Operating income from Steel Dynamics Inc.’s (SDI) recycling operations clocked in higher in the second quarter than in the first on increasing volumes and despite lower realized pricing. Recycling operations brought in $32.1 million, an increase over $22.6 million in Q1, but lower than the $40.3 million last year, the Fort Wayne, Ind.-based company said […]

A roundup of aluminum news from CRU.

Steel Dynamics Inc. executives provided further insight into operations at the company’s Sinton, Texas, flat-rolled steel mill on a second-quarter earnings conference call on Thursday morning. Despite a series of start-up woes, the company recently commissioned two new coating lines there, and the mill continues to ramp up production. The execs were also bullish on […]

Steel Dynamics Inc.’s (SDI’s) earnings slid in the second quarter, but the company's top executive believes steel tags are set to rise.

Cleveland-Cliffs has been pursuing M&A opportunities for some time now and thinks it has found a solid partner with aligned interests in Stelco. The companies announced on Monday that Cliffs would acquire the integrated Canadian steelmaker. That same day, Cliffs held a conference call with analysts to discuss the acquisition. Lourenco Goncalves, Cliffs’ chairman, president, […]