The company also issued Q1 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 Q4 of 2009. In contrast, the company reported a net loss of ($0.48) per diluted share for the Q1 of 2009.
The company 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. Likewise, 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.