Steel Dynamics 3rd-quarter Profit Falls 64 Pct

FORT WAYNE, Ind. (AP) — Steel Dynamics Inc. on Monday reported its third-quarter income fell 64 percent, but still beat estimates.

For the three months ended Sept. 30, the company said net income was $69 million, or 30 cents per share. That compares to $193 million, or 98 cents per share, in the same period last year.

Steel Dynamics said the latest results were stronger-than anticipated because of cost cuts, resulting from high production and shipping volumes at its Flat Roll Division, and better results in metals recycling.

Sales fell 54 percent to $1.17 billion from $2.56 billion during the year-earlier quarter. The company said pricing reached historical peaks in the 2008 third quarter.

Analysts surveyed by Thomson Reuters were expecting a profit of 23 cents per share on revenue of $1.06 billion.

For the fourth quarter, the company says it "anticipates a slight easing in current operations rates, which could result in somewhat lower earnings than the third quarter."

Steel Dynamics said it will provide further guidance later in the quarter.

Shares of Steel Dynamics added 38 cents, or 2.5 percent, to $15.70 in after-hours trading, after falling 7 cents to close at $15.32 in the regular session.