Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener. On April 22, 2009, Steel Dynamics ( STLD) reported that it swung to a net loss for Q1 FY09, hurt by higher-than-expected inventory write-downs and lower revenue. Net loss attributable to Steel Dynamics stood at $87.86 million, or $0.48 per share, compared to a profit of $142.56 million, or $0.72 per share, in the prior year's quarter. The most recent consensus estimate was a loss of $0.43 per share. Total revenue plunged 57.2% to $814.65 million from $1.90 billion a year ago, due to lower steel shipping volumes coupled with consumption of scrap valued at levels much higher than current market prices. Steel operations' revenue, which represented 59.0% of total revenue, plummeted 57.8% to $535.18 million on shipments of 743,126 tons. The average selling price declined 8.6% to $720 per ton from $782 per ton a year ago. Revenue from metals recycling and ferrous resources dropped 63.1% to $296.41 million from $803.77 million. Both ferrous and nonferrous shipments were down 48.0% and 20.0%, respectively, over Q1 FY08 levels. Mo reover, revenue from steel fabrication operations slipped 22.6% to $60.81 million from $78.52 million on shipments of 45,278 tons, while the average selling price stood at $1,343 per ton. Steel Dynamics Inc. announced that it will close its Continental, Ohio steel joist manufacturing plant in May 2009. Recently, the company paid a quarterly cash dividend of $0.10 per common share. Looking forward to Q2 FY09, the company expects results to improve from Q1 FY09, ranging from a small profit to a small loss. Moreover, the company expects to be profitable in the second half of FY09, inclusive of and factoring in suppressed demand throughout the year.