05:04 PM EDT, 09/16/2024 (MT Newswires) -- Steel Dynamics ( STLD ) said Monday it expects to report net income for its Q3 in a range of $1.94 to $1.98 per diluted share, down from $3.47 per share profit reported during the year-ago quarter.

Analysts polled by Capital IQ, on average, are expecting $1.98.

Steel Dynamics ( STLD ) blamed the earnings decline on lower prices for flat rolled steel during much of Q3 compared with the prior quarter, adding roughly 80% of that business are contractually linked to lagging price indices.

Demand has remained steady while prices stabilized during Q3 and have started to improve, the company said.

Price: 110.93, Change: -0.08, Percent Change: -0.07