June 17 (Reuters) - Steel Dynamics on Monday projected second-quarter profit below analysts' expectations as lower realized prices more than offset steady shipments in its steel business.

The Fort Wayne Indiana-based company expects its adjusted per-share earnings in the range of $2.64 to $2.68, compared with estimate of $2.98, as per LSEG data. It reported an adjusted per-share earnings of $4.81 a year earlier.

The steelmaker's shares fell 1.8% before the bell.

Steel Dynamics highlighted sustained demand from the automotive, non-residential construction, energy, and industrial sectors though weaker scrap prices have fueled buying hesitancy.

Peer Nucor last week forecast a fall in its second-quarter earnings amid pricing headwinds.

Buyers are reluctant to build excess inventory heading into the third quarter, Boston Consulting Group's North American metals & mining analyst Karthik Valluru said on Friday.

"This pattern typically results in end market outages and destocking across the steel supply chain, especially in import tons," Valluru said.

Steel Dynamics forecast a fall in quarterly profitability in its steel operations segment, its biggest. It expects increased shipments to offset incrementally lower realized pricing in its fabrication business.

The company projected a sequential rise in its metals recycling segment, citing stronger volumes in both ferrous and nonferrous materials.

(Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Sriraj Kalluvila)