Steel Dynamics Updates 2004 Outlook
05/21/2004 -
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Steel Dynamics Updates 2004 Outlook
May 21, 2004 — Steel Dynamics, Inc. has increased its earnings estimate for the second quarter of 2004 and says it expects continued strength in its business for the remainder of the year.
In prepared remarks at its annual shareholders meeting, Keith Busse, President and CEO, stated that 2004's second quarter estimated results will likely exceed previous expectations due principally to better resource costs and selling values. In addition, start-up of the Pittsboro facility has proceeded smoother than anticipated. The company now expects that second quarter earnings could exceed $1.00 per diluted share.
It is obviously too early to know exactly what steel market conditions will be in the second half, but the current best estimate is that net earnings of at least $4.00 per diluted share could be achieved for the year, more than doubling the previous best year achievement.
Busse further commented that SDI's improving outlook results from continued strength in the steel market, as well as the company's increased shipping volume due to the rapid start-up of its new manufacturing facilities. Steel Dynamics expects to ship 3.6 million tons of steel in 2004, an increase of nearly 30% over 2003.
