Steel Dynamics Inc. (STLD). the Fort Wayne, Ind.-based steel company late Tuesday said it now expects first-quarter earnings of $1.25 to $1.30 a share, up from its previous outlook of $1.10 to $1.20 a share, based on higher-than-anticipated flat-rolled steel pricing and improved scrap-processing results.
The current mean estimate of analysts polled by Thomson Financial is for a per-share profit of $1.18 for the quarter. Additionally, the company said it now expects full-year 2008 earnings of $5.25 to $5.75 a share, up from its prior forecast of $5 to $5.50 a share. Analysts are looking for earnings of $5.40 a share for the year.
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