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Mar 31, 2024
Steel Dynamics Q1 2024 Earnings Report
Reported a solid first quarter performance driven by steel and metals recycling businesses and supported by steel fabrication operations.
Key Takeaways
Steel Dynamics reported a strong first quarter in 2024, with net sales of $4.7 billion and net income of $584 million, or $3.67 per diluted share. The sequential improvement in earnings was driven by steel and metals recycling businesses and supported by continued historically strong results from steel fabrication operations.
First quarter net sales were $4.7 billion with net income of $584 million, or $3.67 per diluted share.
Steel operations achieved operating income of $675 million due to near-record first quarter steel shipments of 3.3 million tons and higher realized selling values.
Metals recycling operations saw increased operating income to $23 million due to increased demand supporting higher volume and metal spread expansion.
Steel fabrication operations achieved historically strong operating income of $178 million, though below sequential fourth quarter results.
Revenue by Segment
Forward Guidance
Market conditions are expected to support strong domestic steel consumption throughout 2024, driven by solid order entry activity, firming steel pricing, and increased North American steel consumption.
Positive Outlook
- Market conditions are in place for domestic steel consumption to be strong throughout 2024.
- Order entry activity continues to be solid across all businesses and steel pricing has firmed.
- North American steel consumption is expected to increase in 2024.
- Demand for lower-carbon emission, U.S. produced steel products coupled with lower imports will support steel pricing.
- The automotive, non-residential construction, industrial, and energy sectors will remain solid this year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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