FORT WAYNE, INDIANA, March 10, 2011 — Today Steel Dynamics, Inc. (NASDAQ / GS: STLD) announced that its board of directors has declared a quarterly cash dividend of $0.10 per common share, an increase of 33 percent from the 2010 fourth quarter dividend. The dividend is payable on or about April 14, 2011, to shareholders of record at the close of business on March 31, 2011.
The company also expects first quarter earnings per diluted share to be in the range of $0.37 to $0.42, significantly higher than fourth quarter 2010 earnings per diluted share of $0.04 and also improved from earnings of $0.29 achieved in the first quarter 2010. In recent months the company has experienced increased volumes and margins in all of its operations, although to a much smaller extent at its Structural and Rail Division and fabrication operations, which are more directly impacted by the commercial construction markets. The demand for sheet and special bar quality steels remains robust and the increase in steel utilization rates continues to strengthen demand for recycled ferrous materials.
“We are pleased that our board of directors returned our quarterly cash dividend to the pre-recessionary level of $0.10 per share,” stated Keith E. Busse, Chairman and Chief Executive Officer. “We are encouraged by the current levels of general demand we are seeing, including some moderate increases in activity at our Structural and Rail Division as rail continues to be an area of focus, and we remain optimistic concerning the nation’s economic improvement.”
Forward Looking Statements
Contact: Fred Warner, Investor Relations Manager (260) 969-3564 or fax (260) 969-3590 f.warner@steeldynamics.com
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