Indiana, US-based steelmaker Steel Dynamics' chairman and CEO Keith E. Busse has said that, by comparison to the weakness experienced earlier in the third quarter, the steel markets are currently seeing some improvement, particularly looking at the order entries for the company's sheet products.
Commenting on the market conditions in the company's third quarter earnings guidance, Mr. Busse said, "The remainder of the year could be positively impacted if this order entry pattern is maintained. In addition, earnings from metals recycling operations should also improve if current market conditions are sustained."
Regarding the third quarter results, the company commented that comparative second quarter to third quarter earnings will be negatively impacted by reduced margins within the steel segment, reduced ferrous metal spreads and reduced volumes in metals recycling operations.
The company's board of directors has declared a quarterly cash dividend of $0.075 per common share, payable on or about October 14, 2010, to shareholders of record at the close of business on September 30, 2010.
The company also indicated that it expects third quarter earnings per diluted share to be in the range of $0.05 to $0.10, as compared to second quarter 2010 earnings of $0.22 per diluted share and third quarter 2009 earnings of $0.30 per diluted share.