Steel Dynamics issues 3Q forecast

Steel Dynamics expects 3Q profit to rise; Wall Street expectations at top end of range

Associated Press

FORT WAYNE, Ind. (AP) -- Steel Dynamics Inc. said Tuesday that it expects its third-quarter profit to fall in a range between 21 and 26 cents per share.

Analysts polled by FactSet, on average, were anticipating earnings of 26 cents per share from the Fort Wayne, Ind., company. It earned 15 cents a share in the same quarter of 2012 after adjusting for one-time charges.

Steel Dynamics pointed to improved sales volume and better metal spreads as drivers for improved profitability. The company said automotive and manufacturing markets remain strong and residential construction markets show signs of improvement. It anticipates losses of roughly 4 cents per share during the quarter, however, from its Minnesota operations.

Steel Dynamic also declared a regular quarterly dividend of 11 cents per share that is payable on Oct. 11 to shareholders as of Sept. 30.

The company is one of the largest domestic steel producers and metals recyclers in the United States.

Shares of the company were unchanged in after-hours trading following the release of the outlook. It added 44 cents to close the regular trading session at $17.24.

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