Contributor: Sandy Williams

Steel Dynamics’ struggling recycling segment widened the company’s net loss to $253 million in fourth quarter 2015. It was determined that the book value of the metals recycling segment recorded $435 million in non-cash goodwill and other related asset impairment charge. Excluding the metals recycling charges, adjusted net income was $22 million on net sales […] The post SDI Reports Continued Growth in Construction, HR Weakest Product appeared first on Steel Market Update.

Steel Dynamics expects reduced profitability from its steel operations in fourth quarter compared to third. Lower steel shipments, customer destocking and seasonal demand weakness are impacting the steel platform and, in particular, commodity grade hot roll products. Lower steel pricing will offset any benefits from lower ferrous scrap costs. Fabricated steel joist and decking products […] The post SDI Guidance Expects Lower Profit in Q4 appeared first on Steel Market Update.

Steel Dynamics expressed concern about imports during the company’s second quarter earnings call. “On the trade front, we’re pleased the ITC has confirmed the flood of unfairly traded imports of corrosion-resistant sheets deal has materially reduced our shipments, pricing and profitability. I believe in fair trade, but the U.S. has become a dumping ground for […] The post Steel Dynamics Optimistic on Steel Pricing for H2 appeared first on Steel Market Update.

Metalico, Inc., a U.S. scrap metal processor, has been sold to Chinese investment firm Total Merchant Limited for approximately $105 million. In an announcement on Tuesday, Metalico said it will become a wholly owned subsidiary of Total Merchant and expects to close the transaction by August 31, 2015, subject to shareholder approval and customary closing […] The post Metalico Sold to Chinese Firm Total Merchant Ltd. appeared first on Steel Market Update.

Steel Dynamics Inc. reported high levels of steel import and customer inventory reduced shipments for first quarter resulting in a 44 percent drop in consolidated operating income compared to fourth quarter. SDI adjusted net income was $40 million for first quarter 2015 with $2 billion in net sales. The adjusted income excludes $17 million in […] The post SDI Flat Rolled Shipments Drop by 20% in Q1 appeared first on Steel Market Update.

Schnitzer Steel Industries plans a “cost reduction, capacity reduction and productivity initiative” to improve its financial performance by $60 million annually by the end of 2016. In addition, the Auto Parts and Metals Recycling Business will be consolidated into a single division by the end of FY 2015. “In the face of steep declines in […] The post Schnitzer Steel Industries to Restructure Divisons appeared first on Steel Market Update.

Steel Dynamics expects that a decline in steel shipments caused by inventory overhang, hesitant demand and margin compression will lower first quarter profitability. In the company’s first quarter guidance, SDI noted: “During the first quarter of 2015, two important industry developments occurred: – “Domestic steel product pricing declined to levels that are now globally competitive, […] The post SDI Expecting Margins and Shipments to Improve in Q2 appeared first on Steel Market Update.

SMU had the opportunity to attend the Association of Steel Distributors (ASD) meeting in Pittsburgh on March 5. The meeting was held at the delightfully decorated Hotel Monaco in downtown Pittsburgh. ASD president Brian Robbins welcomed the younger than usual attendees to the ASD meeting and invited them to become part of the Future Leaders […] The post ASD Meeting Focuses on Scrap & Steel Pricing appeared first on Steel Market Update.

Low scrap prices and declining exports took a toll on earnings results for Schnitzer Steel Industries. Export selling prices for ferrous scrap declined by $80 per ton, or 20 percent, while domestic prices dropped $60 per ton, or 15 percent. The declines were the steepest seen by Schnitzer since 2012. The company reported a net […] The post Schnitzer Earnings Take Hit From Scrap Pricing appeared first on Steel Market Update.

Commercial Metals Company (CMC) reported net sales of $1.7 billion for the first quarter of FY 2015, a four percent increase year-over-year. Earnings from continuing operations totaled $38.3 million. Americas Recycling recorded an adjusted operating loss of $1.1 million due to a decline in ferrous scrap shipments and margins. The America Mills segment recorded adjusted […] The post CMC Seeing Competition from Turkey appeared first on Steel Market Update.