Weaker industrywide steel product pricing caused Fort Wayne-based Steel Dynamics, Inc. to provide second-quarter earnings guidance in a per-share range of 86 cents to 90 cents, which would be down from earnings of $1.53 per share it reported for the same period last year.

“Although average product pricing declined across the steel platform, the reduced earnings were primarily related to lower profitability from the company’s long product steel operations, as shipments and metal spread declined in the quarter,” SDI said in a statement.

“Underlying domestic steel demand remains intact although steel buying hesitancy and inventory destocking has resulted from a weakening scrap price environment.”

The company’s order backlog for its steel fabrication business is stronger than it was a year ago and it said in the statement non-residential construction customers are optimistic about their projects heading into the summer building season, but unusually wet weather across the country has contributed to some project delays.

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