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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowContinued declines in steel prices led Fort Wayne-based Steel Dynamics Inc. to report today a first-quarter loss of $88 million, or 48 cents a share, compared with a profit of $143 million in the same period a year earlier.
The loss exceeded analysts’ expectations of 43 cents per share.
Revenue of $815 million was 57 percent lower than the same period a year ago. Revenue fell 33 percent from the $1.2 billion in the fourth quarter.
The company’s mills operated at just 46-percent capacity during the first quarter, said Keith Busse, chairman and CEO.
“The first quarter was obviously not a strong quarter for any of our operating units,” he said. “Unfortunately, we have not seen clear signs of increasing demand.”
Shares of Steel Dynamics fell 4.5 percent, to $11.40, in morning trading.
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