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NEW YORK (AP) -- Steel Dynamics forecast a strong third-quarter profit on Wednesday, citing increased shipments and solid demand from key markets.
The Fort Wayne, Indiana, company said its steel operations will be more profitable in the third quarter than they were in the second quarter. It also said demand from the automotive, manufacturing, energy and construction markets is improving.
The company forecast an adjusted profit of 42 to 46 cents per share. FactSet says analysts are expecting net income of 37 cents per share, on average.
Steel Dynamics Inc. stock rose 67 cents, or 2.7 percent, to $25.52 in aftermarket trading.
The forecast excludes costs connected to Steel Dynamics' acquisition of Severstal Columbus LLC, which closed on Tuesday. Steel Dynamics bought the Ohio mini-mill from Russian steelmaker OAO Severstal for $1.63 billion.
Shares of Steel Dynamics picked up 91 cents, or 3.8 percent, to $24.85 during the day after U.S. Steel Corp. gave a strong forecast for the current quarter. U.S. Steel said its operations have performed well and steel market conditions in the United States are stable.
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United States Steel Corporation
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CODE : X |
ISIN : US9129091081 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
United States Steel is a iron and tin producing company based in United states of america. United States Steel is listed in United States of America. Its market capitalisation is US$ 6.7 billions as of today (€ 6.1 billions). Its stock quote reached its lowest recent point on March 28, 2003 at US$ 10.01, and its highest recent level on November 30, 2007 at US$ 98.85. United States Steel has 176 184 431 shares outstanding. |