Fort Wayne, Indiana-based Steel Dynamics put its Q4 earnings guidance in the range of $0.18 to $0.22 per diluted share, which includes an expected favorable tax adjustment of approximately $0.06 per diluted share. Steel Dynamics' Q3 adjusted 2012 earnings were $0.15 per diluted share, before charges of $0.09 per diluted share related to refinancing and asset impairment charges. The company reported earnings of $0.14 per diluted share in Q4 2011.
Q4 overall steel shipments are expected to be fairly flat in comparison to Q3, as increases in sheet volume are expected to be somewhat offset by decreased shipments at the Roanoke Bar and Engineered Bar divisions, with customers continuing to maintain tight control over inventory. The combination of global economic and political uncertainty continues to impact customer confidence and buying patterns, the company said in a press release.
Metals recycling financial results are expected to show some improvement for Q4 2012, compared to the sequential quarter, as an anticipated decrease in ferrous shipments is expected to be more than offset by improved ferrous metal margins. Although at slightly lower levels, the company's fabrication operations are still expected to remain profitable for the quarter.