Steel Dynamics Inc. announced Tuesday weak guidance for the first quarter of 2014, citing harsh winter weather that resulted in higher energy costs, transportation difficulties, and decreased production and shipments.
The company expects first-quarter earnings of $0.13 to $0.17 per share. In the same quarter last year, Steel Dynamics reported earnings of $0.21 per share.
Additionally, the company said it expects profitability from steel operations for the first quarter to be lower compared with the sequential fourth quarter. Both shipments and metal spreads are expected to be lower in the quarter and average quarterly product pricing is not to outpace increased scrap costs from material consumed early in the quarter, the company said.
Source:
http://www.steelorbis.com/steel-news/latest-news/steel-dynamics-joins-nucor-in-blaming-weather-for-weak-q1-guidance-819039.htm
