Indiana, US-based steelmaker Steel Dynamics has said that demand in the US for sheet and special bar quality steels remains robust and the increase in steel utilization rates continues to strengthen domestic demand for recycled ferrous materials in the first quarter of the year.
Announcing its first quarter outlook, Steel Dynamics said that it expects first quarter earnings per diluted share to be in the range of $0.37 to $0.42, significantly higher than fourth quarter 2010 earnings per diluted share of $0.04 and also improved from earnings of $0.29 achieved in the first quarter of 2010, thanks to volumes and margins in all of its operations.
Furthermore, Steel Dynamics' board of directors has declared a quarterly cash dividend of $0.10 per common share, an increase of 33 percent from the 2010 fourth quarter dividend. The dividend is payable on or about April 14, 2011, to shareholders of record at the close of business on March 31, 2011.