By Connor Hart
Steel Dynamics posted lower revenue and profit in the fourth quarter as imports undercut prices, though the company expects conditions to improve in 2025.
The Fort Wayne, Ind., steel producer on Wednesday reported a profit of $207.3 million, compared with $424.3 million in the same period a year earlier.
On a per-share basis, earnings were $1.36, ahead of the $1.29 that analysts surveyed by FactSet expected.
Revenue fell 8.5% to $3.87 billion. Wall Street analysts were looking for $3.97 billion, according to FactSet.
Chief Executive Officer Mark Millett said underlying steel demand was stable throughout 2024. However, he noted that supply and demand dynamics were hurt by imports of products, such as coated flat-rolled steel, which put pressure on prices.
These dynamics are expected to improve in 2025, as Millett said he expects a positive commercial environment for steel, citing declining imports and increasing North American demand.
"We have experienced strong order activity for flat rolled steel so far in 2025, and prices have stabilized with continued positive customer outlook," he said.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
January 22, 2025 17:35 ET (22:35 GMT)
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