By Katherine Hamilton

Steel Dynamics missed analyst expectations on its top and bottom lines in the second quarter as customers are pulling back on orders amid uncertain trade policy.

The Fort Wayne, Ind., steel producer on Monday posted a profit of $298.7 million, or $2.01 a share, in the quarter ended June 30, compared with $428.0 million, or $2.72 a share, a year earlier. Analysts polled by FactSet expected $2.24 a share.

Revenue fell 1% to $4.57 billion. Analysts surveyed by FactSet forecast revenue of $4.72 billion.

Uncertainty related to on-and-off tariffs is continuing to make customers hesitant about ordering, Chief Executive Mark Millett said. Steel and steel fabrication shipments were lower in the second quarter because of that hesitancy, as well as an overhang of coated flat-rolled steel inventory, he said.

Millett said he expects an influx of pent-up demand after trade policies stabilize. Steel pricing during the quarter also stabilized at higher levels.

"As unfairly traded imports decline, uncertainty dissipates, and growth of manufacturing continues to increase in the U.S., we believe a strong market environment will emerge, supporting pricing and demand," he said.

Steelmaker Cleveland-Cliffs said Monday morning it was seeing positive effects on domestic manufacturing from steel tariffs, including strong pricing, a healthy order book and better visibility into cost reductions to repay debt and generate cash. Shares closed up 12% on Monday.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

July 21, 2025 16:55 ET (20:55 GMT)

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