NEW YORK (TheStreet) -- Shares of Steel Dynamics (STLD) - Get Report were climbing on heavy trading volume early Thursday afternoon after reporting 2016 third-quarter revenue that topped analysts' expectations.

After yesterday's market close, the Fort Wayne, IN-based steel producer reported adjusted earnings of 65 cents per share on revenue of $2.10 billion.

Analysts surveyed by Thomson Reuters were looking for adjusted earnings of 65 cents a share on $2.09 billion in revenue. 

Flat-roll steel import levels were down about 20% year-over-year in the quarter, while inventory levels remained lower than historical levels, CEO Mark Millett said in a statement.

"The domestic steel demand outlook is relatively unchanged, with the heavy equipment, agricultural and energy markets remaining weak, while automotive continues to be strong and construction continues to improve," he added.

Looking ahead, Millett expects lower sequential volumes in the company's operating platforms and sequentially weaker realized steel pricing in the fourth quarter. 

About 4.29 million shares of Steel Dynamics have been traded so far today, well above the company's average trading volume of roughly 3.12 a day. 

Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B-.

Steel Dynamics' strengths such as its revenue growth, increase in net income, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and growth in earnings per share. We feel its strengths outweigh the fact that the company shows weak operating cash flow.

You can view the full analysis from the report here: STLD

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author. 

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