Steel dynamics reports second quarter sales of $2.1 billion

Steel dynamics reports second quarter 2020 results.q2 earnings per share $0.36.q2 sales $2.1 billion versus refinitiv ibes estimate of $2.02 billion.q2 earnings per share estimate $0.26 -- refinitiv ibes data.q2 adjusted earnings per share $0.47 excluding items.anticipate steel and metals recycling demand will improve in second half of year compared to q2 2020 trough results.q2 2020 steel shipments were 12 percent lower than q1 volumes.q2 average ferrous scrap cost per ton melted at company's steel mills decreased $1 sequentially to $266 per ton.as states have started to reopen, scrap flows have improved.expects its metals recycling operations to return to profitability for q3 2020.remain in a position of strength maintaining that liquidity at end of q2.significantly lower q2 2020 domestic steel production of an estimated 55%, resulted in weak ferrous scrap demand.construction sector has remained more resilient and related steel demand has been steady.weaker sectors continue to be related to energy and general industrial consumers, which likely require a longer recovery period.entered 2020 in a position of strength with ample cash and available liquidity of $2.8 billion.steel mills operated at almost 80 percent utilization in q2.q2 2020 steel shipments of 2.5 million tons.q2 average external product selling price for company's steel operations decreased $19 sequentially to $755 per ton .
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