FORT WAYNE, INDIANA, June 15, 2012 / PRNewswire / Steel Dynamics,
Inc. (NASDAQ/GS: STLD) today provided second quarter earnings guidance
in the range of $0.15 to $0.20 per diluted share. Second quarter 2012
estimated results are somewhat lower than the $0.20 per diluted share
reported for the first quarter 2012 (which included January refinancing
charges of $0.03 per diluted share), and lower than the $0.43 per
diluted share reported for the second quarter of 2011.
Despite relatively stable sheet steel demand, including strength in
the automotive, energy, construction equipment and agricultural sectors,
the company’s somewhat softer earnings estimate is primarily the result
of decreased sheet steel pricing attributable to supply-side pressures
from increased imports and increased domestic steel capacity.
Metals recycling earnings are also expected to be lower due to late
second quarter pricing and volume pressures attributable to softer
export markets and weaker mill buying patterns, resulting in an
oversupplied environment. Due to inventory overhang, however, the
benefits from decreased scrap pricing on the company’s steel operations
will not be fully reflected until the third quarter.
Dividends
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 June 30, 2012, and is
payable on or about July 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, over 6,500 employees, and manufacturing facilities
primarily located throughout the United States (including 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 |