Steel Dynamics' quarterly profit falls 33% on high input costs, lower pricing

Jan 23 (Reuters) - Steel Dynamics reported a 33% fall in its fourth-quarter profit on Tuesday, hurt by higher raw material costs and lower product pricing.

The Fort Wayne, Indiana-based company produces a host of steel products and processing recycled ferrous and non-ferrous metals, which are used in several industries including automotive, railroad and construction.

Lower shipments also hurt earnings, the steel producer said.

Last month, Steel Dynamics had warned of a sequential dip in fourth-quarter profit at some of its segments.

U.S. steelmakers, however, are expected to benefit in 2024 as automakers ramp up output to meet strong demand from their customers.

"We believe the market dynamics are in place to support increased demand across our operating platforms in 2024," said CEO Mark Millett.

Steel Dynamics also said it was ramping up operations at its electric arc furnace flat rolled steel mill in Texas to meet demand.

Its net income fell to $424 million, or $2.61 per share, for the quarter ended Dec. 31, compared with $634 million, or $3.61 per share, a year earlier.

The company's fourth-quarter revenue was $4.23 billion, compared with $4.83 billion a year ago.

(Reporting by Aatreyee Dasgupta and Nathan Gomes in Bengaluru; Editing by Shilpi Majumdar)