Latest news with #MarkMillett
Yahoo
21-07-2025
- Business
- Yahoo
Steel Dynamics shares down after Q2 earnings miss
-- Steel Dynamics posted second-quarter earnings below Wall Street expectations amid lingering trade policy uncertainty and an inventory overhang in coated flat rolled steel pressured shipments. The company reported earnings per share of $2.01, missing the consensus estimate of $2.26. Revenue fell to $4.6 billion, also short of the expected $4.73 billion. Despite the miss, CEO Mark Millett said steel pricing stabilized at higher levels during the quarter, helping drive a 39% sequential improvement in consolidated operating income and a 19% gain in adjusted EBITDA. The margin expansion was led by stronger performance in the company's long products operations. However, customer hesitancy due to unsettled trade policy and excess inventory weighed on volumes. 'This hesitancy, combined with an inventory overhang of coated flat rolled steel, resulted in lower steel and steel fabrication shipments,' Millett said in the release. The company also reaffirmed its long-term growth outlook, citing expansion into value-added steel and aluminum flat rolled products. Shares of Steel Dynamics (NASDAQ:STLD) were down more than 3% at $137 in aftermarket trading. YTD, down about 10%. Related articles Steel Dynamics shares down after Q2 earnings miss Victoria's Secret Exposed: The Warning Sign Behind the Stock's 52% Collapse Surge of 50% since our AI selection, this chip giant still has great potential
Wall Street Journal
23-04-2025
- Business
- Wall Street Journal
Steel Dynamics Embracing Tariffs, Ready to Capture New Demand, CEO Says
Tariffs on imported steel, aluminum and other products are 'extremely beneficial' for Steel Dynamics, the company's chief executive, Mark Millett, said Wednesday. Indiana-based Steel Dynamics and other American steel producers have enthusiastically backed the Trump administration's expanded use of tariffs. Millett said recently enacted tariffs are squeezing unlawfully low-priced foreign steel out of the U.S., and encouraging metal-consuming businesses to return manufacturing to the country to avoid tariffs on imported finished products. The spot-market price for coiled sheet steel is up about 38% since the start of the year, according to market research firm CRU. Steel Dynamics said its first-quarter income from its steel operations rose 39% from the market doldrums of last year's fourth quarter.
