The steelmaker is forecasting earnings of between 42 cents and 46 cents per diluted share, an increase of approximately 20% over its second-quarter results. The company said continued health in non-residential construction has supported its steel fabrication business and rising steel demand is pushing up scrap shipments at its raw materials business. 

“Construction continues to show its resiliency. The customer order backlog for the company's steel fabrication platform remains strong, and customers are optimistic concerning non-residential construction projects,” the company said. 

“As domestic steel production improved in the third quarter from the trough experienced in the sequential second quarter, ferrous scrap demand also strengthened,” it added. 

It also said improved automotive and strong construction demand supported rising shipments from its steel mills. However, those gains were offset by metal spread compression, it said.