2023-07-20 19:47:25 ET
Steel Dynamics ( NASDAQ: STLD ) should restart its Sinton steel mill in Texas in the next few days following an unplanned outage, CEO Mark Millett said Thursday during the company's earnings conference call .
The outage will cost the company 50K-70K short tons in shipments, CFO Theresa Wagler said, as reported by Argus.
The 3M st/year flat rolled steel mill's hot mill shut down July 1 when problems with its caster shear equipment caused the company to idle its electric arc furnace.
Millett said on the call that Sinton should ramp up to run at 80% capacity by the end of the year.
Steel Dynamics ( STLD ) said its steel mills excluding Sinton ran at 93% utilization rates in Q2, down from 95% in the year-earlier quarter and 94% in Q1.
According to Argus, Millett said Sinton ran at 52% overall in Q2 and produced 390K st of steel, down from 420K st in Q1.
Steel Dynamics ( STLD ) stock closed -2.9% in Thursday's trading after reporting Q2 earnings of $4.81/share that edged past estimated but fell sharply from $6.44 a year ago, and net sales fell 18% Y/Y to a lower than expected $5.08B.
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Steel Dynamics sees Texas mill restarting in coming days after outage