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annealing dynamics (Nasdaq: STLD) CEO Mark Millett said Thursday during the company’s earnings conference call) The Sinton steel plant in Texas should restart in the next few days after an unplanned outage.
The outage would cost the company 50,000-70,000 short tons in shipments, Chief Financial Officer Teresa Wagler said, as reported by Argus.
The hot mill of the 3M st/year flat rolled steel plant was shut down on July 1 when problems with wheel shearing equipment caused the company to discontinue the electric arc furnace.
On the call, Millett said Sinton should ramp up work at 80% capacity by the end of the year.
Steel Dynamics (STLD) said steel mills excluding Sinton achieved utilization rates of 93% in the second quarter, down from 95% in the year-earlier quarter and 94% in the first quarter.
According to Argus, Millett said Sinton ran 52% overall in the second quarter and produced 390,000 steel, down from 420,000 in the first quarter.
Steel Dynamics (STLD) stock closed -2.9% In Thursday trading, after reporting second-quarter earnings of $4.81/share that beat previous estimates but fell sharply from last year’s $6.44, net sales fell 18% year over year to a less-than-expected $5.08 billion.
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