Steel Dynamics, Inc. (NASDAQ: STLD) shares gained in the extended trading session after the company said third-quarter results will exceed Wall Street's expectations.
Strength in steel markets related the automotive, manufacturing, energy and construction sectors continue to improve and earlier Wednesday similar outlooks were issued by both United States Steel Corporation and Nucor Corporation.
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Steel Dynamics forecast adjusted earnings of $0.42 to $0.46 per share compared with the analyst consensus of $0.37 per share.
But the company's third-quarter metals recycling results are expected to be "flat to slightly lower" sequentially, as lower nonferrous metal spreads more than offset improved volumes for both ferrous and nonferrous metal, the company said.
In the extended session, Steel Dynamics traded recently at $25.49, up 2.6 percent.
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