Steel Dynamics Inc. on Wednesday posted a decline in revenue for the last quarter of 2022 due to lower steel prices.
The steel company said net income declined to $635 million, or $3.61 a share, compared with $1.09 billion, or $5.49 a share, a year earlier.
Stripping out one-time items, the company's earnings per share came in at $4.37, beating analysts expectations of $3.78 per share, according to FactSet.
Net sales fell 9% to $4.83 billion. Analysts polled by FactSet had forecast net sales of $4.73 billion.
Domestic steel demand and steel fabrication shipments were strong in the quarter, but the average external product selling price for the company's steel operations decreased $257 sequentially to $1,124 per ton, Steel Dynamics noted.
