April 19 (Reuters) - Steel Dynamics Inc beat
estimates for quarterly profit on Wednesday, driven by strong
industrial demand for steel products.
Demand for steel from sectors such as auto, energy and
non-residential construction has powered results of steel makers
at a time when shortages due to supply-chain disruptions
persist.
"Order entry activity continues to be strong across all of
our businesses. We believe North American steel consumption will
increase in 2023, and that demand for lower-carbon emission,
U.S. produced steel products coupled with lower imports will
support steel pricing," CEO Mark Millett said.
The company's primary sources of revenue are from the
manufacture and sale of steel products, the processing and sale
of recycled ferrous and non-ferrous metals, and the fabrication
and sale of steel joists and deck products.
First-quarter profit fell 42% to $637.3 million as supply
snags and inflationary pressures drove up costs.
On an adjusted basis, however, Steel Dynamics reported a
profit of $4.01 per share, beating average analysts' expectation
of $3.52 per share, according to Refinitiv data.
Revenue was $4.89 billion, compared with expectations of $5
billion.
(Reporting by Amna Karimi and Abhijith Ganapavaram in
Bengaluru; Editing by Anil D'Silva)
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