Steel Dynamics' plant in Sinton, Texas, has faced production challenges and is expected to end the year with a run rate of 70 per cent, below previous targets. Unplanned shutdowns, such as equipment failures, are among the reasons for production delays.
The company expects to produce 2.4 million tonnes in 2024. The company primarily serves the automotive industry and industries in the Mid-South, Gulf Coast and South Atlantic regions of the United States. The UAW strike had little impact on Steel Dynamics, as most of its automotive business is with European and Asian companies.
From a financial perspective, Steel Dynamics reported a decrease in net income and operating income in the third quarter of 2023 due to lower steel prices.
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