Issuing its second-quarter guidance, the company said Thursday it is anticipating earnings in the range of US$6.33 to US$6.37 per diluted share. Steel Dynamics said profitability at its mills is expected to be historically strong, albeit lower than the previous quarter due to lower average flat steel prices. 

“Despite softening hot-roll coil steel pricing, broad steel demand remained solid during the second quarter, led by the automotive, construction, and industrial sectors, with energy continuing to improve,” the company said. 

Steel Dynamics also said results from its steel fabrication business are expected to be meaningfully higher than its record first-quarter results due to higher selling values and record shipments.  

“The non-residential construction sector remains strong as evidenced by robust order activity, resulting in a continuing historically strong order backlog, with record forward-pricing for the company’s steel fabrication platform. The company anticipates this momentum to continue into 2023 based on these dynamics,” it said.