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Steel Dynamics

(STLD) - Get Steel Dynamics, Inc. Report

said its third-quarter earnings rose 161.5% from the year-ago period, led by higher revenue.

The Fort Wayne, Ind.-based steel manufacturer earned $118.7 million, or $2.17 a share, in the quarter, compared with $45.4 million, or 92 cents a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of $2.08 a share.

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Third-quarter revenue rose 82.9% from a year ago to $911.9 million.

Third-quarter consolidated shipments of 1.2 million tons were 35% higher than the third quarter of 2005, the company said.

The company reaffirmed its fourth-quarter earnings forecast of $2.10 to $2.20 a share. Analysts expected earnings of $1.99 a share. It expects fourth-quarter shipping volumes to be somewhat lower than the third quarter, primarily due to planned maintenance outages.

"Three of our steel-making divisions, Structural and Rail, Engineered Bar Products, and the Roanoke Bar division, set new tonnage shipping records in the third quarter," the company said. "Overall, steel markets remained relatively strong with scrap costs increasing slightly during the quarter."

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