FORT WAYNE, INDIANA, December 10, 2009- Steel Dynamics, Inc. (NASDAQ
/ GS: STLD) today announced earnings guidance for the fourth quarter of
2009 to be in the range of $0.10 to $0.20 per diluted share. In
comparison, the company reported net losses of ($0.45) per diluted share
in the fourth quarter of 2008 and net income of $0.30 per diluted share
in the third quarter of 2009.
In October, the company gave qualitative guidance concerning fourth
quarter 2009 estimated results, and indicated an expectation for a
slight easing in sheet-related operating rates, which would result in
somewhat lower earnings than those achieved during the third quarter.
The company also suggested other factors which could, and did, impact
fourth quarter earnings, including lower shipments and margin
compression at its metals recycling operations, caused by the sharp
declines in transaction prices experienced early in the quarter.
“Encouragingly, though, recent order entry activity has been robust
at our flat rolled and SBQ bar operations, and pricing has begun to move
in a positive direction,” stated Keith Busse, Chairman and Chief
Executive Officer. “Yet, sustainability remains a question mark.
“As stated previously, our operations remain capable of responding
quickly to meet renewed demand for our products, and we demonstrated
this ability in the second half of 2009 at our sheet product locations
and our metals recycling facilities, “said Busse. “Our employees have
put forth an incredible effort to continue to reduce costs and work more
effectively. I applaud their innovation and achievement, and look
forward to an economic environment in which we can fully capitalize on
our abilities.”
Dividend
The company’s board of directors declared a quarterly cash dividend
of $0.075 per common share to be distributed to shareholders of record
at the close of business on December 31, 2009. This dividend will be
payable on or about January 11, 2010.
Contact:
Fred Warner, Investor Relations Manager
(260) 969-3564 or fax (260) 969-3590
f.warner@steeldynamics.com |