FORT WAYNE, Ind. (AP) _ Steel Dynamics Inc. (STLD) on Wednesday reported third-quarter net income of $151 million.
The Fort Wayne, Indiana-based company said it had net income of 69 cents per share.
The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 70 cents per share.
The steel producer and metals recycler posted revenue of $2.53 billion in the period, which also did not meet Street forecasts. Four analysts surveyed by Zacks expected $2.62 billion.
Steel Dynamics shares have declined 4% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $28.84, a drop of 28% in the last 12 months.