On June 18, Steel Dynamics fell 5.56% in regular trading, trading at $254.305/share, with turnover of $144 million.

On the news front, the company issued fiscal second-quarter earnings guidance well below market consensus, projecting EPS of $3.51 to $3.55 per share versus the FactSet analyst consensus of $4.16, representing an approximately 15% shortfall. The company disclosed that Q2 earnings were trimmed by $16 million due to asset write-downs related to the relocation of its satellite aluminum recycled slab center from Arizona to Columbus. Additionally, the company has repurchased $170 million of its common stock so far in the quarter.

The broader steel sector also came under pressure, with Nucor down 1.98%, Cleveland-Cliffs down 2.72%, ArcelorMittal down 1.75%, Reliance Steel & Aluminum down 1.60%, and Vale SA down 0.32%. Wells Fargo slightly trimmed its target price on Steel Dynamics from $293 to $291 while maintaining an overweight rating.

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