Higher sequential profitability in the company's steel operations might have aided first-quarter results. Steel Dynamics, last month, said that it expects first-quarter profits from its steel operations to be stronger than the fourth quarter as higher level of shipments across all its platforms more than mitigate the impacts of metal spread compressions due to lower average realized selling prices associated with a lag in indexed contracts. Pricing for steel strengthened in the first quarter and steel producer lead times extended on strong demand. The company noted that it is seeing higher demand from the automotive, non-residential construction, energy and industrial sectors. The non-residential construction sector also remains solid, as reflected by a strong order backlog and healthy forward pricing for its steel fabrication business. Meanwhile, U.S. steel prices rebounded in the first quarter after tumbling in the fourth quarter of 2022.