Indiana, US-based steelmaker Steel Dynamics Inc. has said that in recent weeks the company's sheet operations order entry and pricing have increased significantly, but were negatively impacted early in the fourth quarter by reduced volumes and pricing, adding that the company also experienced quarterly improvement in its long product steel operations, notably at its Structural and Rail Division.
According to a guidance release, the company also expects fourth quarter earnings per diluted share, before certain asset impairment charges related to its fabrication operations, to be in the range of $0.05 to $0.10, consistent with third quarter 2010 earnings per diluted share of $0.09.
The company is currently evaluating the assets of two idled fabrication locations for impairment based on current plans for their future use, as these plans were impacted by the company's recent purchase of additional joist locations and equipment. The company currently estimates a fourth quarter impairment charge of $13 million to $15 million, or approximately $0.03 to $0.04 per diluted share.
The company also declared a quarterly cash dividend of $0.075 per common share, payable on or about January 14, 2011, to shareholders of record at the close of business on December 31, 2010.