Steel Dynamics slips after quarterly profit misses estimates
STLD•Steel Dynamics reported third-quarter profit of $5.26 per share, below estimates of $5.41, while revenue of $6.51 billion topped estimates of $6.43 billion. Its shares fell 7% in extended trading.
1. Quarterly results
Steel Dynamics said lower recycling earnings, losses at its aluminum startup and higher raw material costs remained headwinds despite stronger steel prices and record shipments. CEO Mark Millett said U.S. steel imports remained well below historical and prior-year levels.
