FORT WAYNE, INDIANA, March 11, 2008 – Steel Dynamics, Inc.
(NASDAQ-GS: STLD) today raised its first quarter earnings guidance from a
range of $1.10 to $1.20 per diluted share to a range of $1.25 to $1.30.
This increase in earnings guidance is primarily driven by higher than
anticipated flat-rolled steel pricing and improved scrap processing
results.
“Although the cost of ferrous resources used in our steelmaking
facilities has increased during the quarter, our margins have expanded
as pricing for flat-rolled products has outpaced the increase in raw
material costs,” stated Keith E. Busse, Chairman and Chief Executive
Officer of Steel Dynamics. “We are experiencing an extremely strong
market for flat-rolled products as supply-driven demand continues to
propel strong order entry. In addition, our ferrous resource operations
are experiencing increased profitability as the price and demand for
these materials escalates. ”
“In spite of the downturn in the broader U.S. economy, our outlook
for Steel Dynamics during 2008 continues to remain one of optimism and
growth as we remain focused on quality, product diversity, and cost
containment,” said Busse. “Based on our current outlook, we believe that
our 2008 annual earnings could now be in the range of $5.25 to $5.75
per diluted share, an increase of $.25 on both the lower and upper ends
of the range last communicated on December 11, 2007.”
Contact:
Fred Warner, Investor Relations Manager
(260) 969-3564 or fax (260) 969-3590
f.warner@steeldynamics.com
Forward Looking Statements
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