SteelNews.com Article
Steel Dynamics Declares Cash Dividend, Issues Q1 Guidance
Mar. 10, 2010 Steel Dynamics, Inc.’s board of directors has declared a quarterly cash dividend of $0.075 per common share, payable on or about April 12, 2010, to shareholders of record at the close of business on March 31, 2010.
The company also issued first quarter 2010 earnings guidance of $0.22 to $0.27 per diluted share, in comparison with net income of $0.12 per diluted share in the fourth quarter of 2009. The company reported a net loss of ($0.48) per diluted share for the first quarter of 2009.
The company notes that it has continued to benefit from “robust” order entry activity and corresponding pricing improvement at its sheet and special-bar-quality steel operations during the first quarter. Scrap prices have also increased during the quarter, enhancing the profitability of the company’s metals recycling operations.
Consistent with general guidance given in early February, the company’s structural steel and downstream fabrication operations remain weak.