(STLD - Get Report)
, a U.S.-based steel producer and metals recycler, manufactures and sells steel products, processes and sells recycled ferrous and nonferrous metals. Broadly, the company structures its business into steel operations, metals recycling, ferrous resources and steel fabrication. The stock gained 5.1% last week.
Last week, the company reported second quarter 2011 earnings. Net income for the quarter stood at $99 million or 43 cents per share, compared to $49 million or 22 cents per share in the comparable quarter prior year. Meanwhile, net sales increased to $2.1 billion from $1.6 billion earlier. Meanwhile, steel shipments for the quarter expanded 15% to 1.5 million tons.
For the second half of 2011, the company believes that consumption by sectors like automotive, transportation, energy, industrial, agricultural, and construction equipment would remain steady and may improve gradually. Meanwhile, while it estimates a solid third quarter, it intends to provide quantitative guidance only in September.
Of the 14 analysts covering the stock, 79% recommend a buy and the remaining rate a hold. There are no sell ratings on the stock. On average, analysts estimate 25.5% upside to $20.75 in value from current levels.