FORT WAYNE, INDIANA, June 16, 2010–Steel Dynamics, Inc. (NASDAQ / GS: STLD) today announced that its board of directors has declared a quarterly cash dividend of $0.075 per common share, payable on or about July 12, 2010 to shareholders of record at the close of business on June 30, 2010.
The company also indicated that it expects second quarter earnings per diluted share to be in the range of $0.20 to $0.25 as compared to first quarter 2010 earnings per diluted share of $0.29. In contrast, the company reported a net loss of ($0.08) per diluted share for the second quarter of 2009. Second quarter earnings will be impacted quarter-over-quarter by decreased metals recycling margins as scrap prices declined early in the second quarter, and by lower flat-rolled volumes and margins. Production and shipping volumes in the company’s steel operations were impacted by planned spring maintenance outages and by unexpected transformer repairs at the Roanoke Bar and Flat Roll divisions in June.
“Our steel operations had healthy earnings in April and May with some slowing of order entry for June at our Butler flat-rolled facility”, stated Keith E. Busse, Chairman and Chief Executive Officer. “We believe steel service center inventories of sheet products continue to remain low and anticipate buying activity to increase after the typical early July holiday and maintenance shutdowns by manufacturing companies. Our Engineered Bar Products Division continues to experience very strong order entry and operating rates at our Roanoke Bar and Steel of West Virginia operations continue to improve.
“Unfortunately our structural steel business remains challenging with only marginal improvement. We have restarted the medium section rolling mill which allows us the flexibility to increase rail production on our large section mill, as our successes in the rail market continue to grow,” Busse said.
Forward Looking Statements
|