Steel Dynamics Projects 2nd-quarter Loss

FORT WAYNE, Ind. (AP) — Steel Dynamics Inc. on Friday projected a larger second-quarter loss than Wall Street estimated, but added that business conditions appear to be improving.

Steel Dynamics said it expects to post a loss of 10 cents to 15 cents per share for the quarter, while analysts polled by Thomson Reuters expect a loss of 9 cents per share.

"As we expected early in the quarter, we have experienced some improvement in flat-roll steel order entry and shipping volumes as the quarter progressed while, at the same time, pricing continued to erode," Keith Busse, the company's chairman and CEO, said in a statement.

"I do believe, though, that flat-roll pricing has finally bottomed and is currently moving higher," he added.

Busse said that while the outlook for the rest of the year remains uncertain, it's improving and he expects the company to be profitable in the final two quarters of the year.

Steel Dynamics shares rose 34 cents, or 2.2 percent, to $15.60 in afternoon trading.