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Steel Dynamics Profit Drops Sharply Amid Steel Glut

Steel Dynamics Inc. STLD -0.48 % ’s third-quarter profit dropped sharply on lower prices amid a global steel glut and cheaper imports that are expected to further erode results in the current quarter.

Over all, the steelmaker and metals recycler reported profit fell nearly 34% to $60.6 million, or 25 cents a share, while revenue fell 17% to $1.95 billion.

The Fort Wayne, Ind. company had projected profit of 20 cents to 24 cents a share; analysts surveyed by Thomson Reuters, who had since revised their profit projections to 24 cents a share, guided for $2.06 billion in revenue.

Gross margin narrowed to 11.7% from 12.3% a year earlier.

Oversupply—exacerbated by an economic slowdown in china, the world’s largest steel producer and user—has battered...