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Oct 17 (Reuters) – Steel Dynamics’ third-quarter
profit plunged 77 percent as global economic uncertainty cut
into steel shipments.
The steel sector has been depressed in recent months as
prices plummeted due to weak demand, especially in China — the
world’s largest producer and consumer of steel.
Net earnings were $12.8 million, or 6 cents per share, down
from $43.3 million, or 19 cents per share, in the same quarter
last year.
Excluding items, it earned 15 cents per share.
Revenue fell 17 percent to $1.69 billion.
Analysts on average expected a profit of 13 cents per share
on revenue of $1.78 billion for the third quarter, according to
Thomson Reuters I/B/E/S.
