Announcing its quarterly earnings guidance on Thursday, Steel Dynamics said it is forecasting earnings of US$2.60 to US$2.64 per diluted share. In the same quarter last year, the steelmaker reported earnings of US$3.61 per diluted share. 2022 was a record year for the company. 

The company said lower pricing more than offset lower scrap prices. Nevertheless, shipments are steady, it said. 

“Steel order activity remains solid as evidenced by extended order lead times and recent pricing increases heading into the first quarter of 2024,” the company said.