FORT WAYNE, INDIANA, March 16, 2012 / PRNewswire / Steel Dynamics,
Inc. (NASDAQ/GS: STLD) today provided first quarter 2012 guidance,
indicating that earnings are expected to be in the range of $0.15 to
$0.20 per diluted share. Estimated earnings for the first quarter
include a reduction of approximately $.03 per diluted share,
representing expenses, net of interest cost savings, associated with the
company’s announced financing activities which occurred in January.
First quarter 2012 estimated results are improved from fourth quarter
2011 diluted earnings per share of $0.14, but lower than first quarter
2011 diluted earnings per share of $0.46.
While sequential quarterly financial improvements (Q1 2012 to Q4
2011) are expected in both the company’s steel and metals recycling
operations, these improvements are somewhat tempered by unexpected
margin compression that began to occur mid-quarter, as flat roll markets
moderated more quickly than raw material input pricing, against a back
drop of increased import interest, introduction of additional domestic
capacity and reduced order activity. Reduced steel customer buying
activity seemed linked to an anticipation of lower scrap pricing,
despite the continued strength in demand associated with energy,
construction equipment, agricultural and automotive sectors.
Dividend
The company’s board of directors has declared a quarterly cash
dividend of $0.10 per common share. The dividend is payable to
shareholders of record at the close of business on March 31, 2012, and
is payable on or about April 13, 2012.
About Steel Dynamics, Inc.
Steel Dynamics, Inc. is one of the largest domestic steel producers
and metals recyclers in the United States based on estimated annual
steelmaking and metals recycling capability, with annual sales of $8.0
billion in 2011, 6,500 employees, and manufacturing facilities primarily
located throughout the United States (five steel mills, six steel
processing facilities, two iron production facilities, over 70 metals
recycling locations and six steel fabrication plants).
Forward Looking Statements
Contact
Theresa E. Wagler, Executive Vice President and Chief Financial Officer / +1.260.969.3500 |