Following a strong first quarter earnings report, Fort Wayne-based Steel Dynamics Inc. (Nasdaq: STLD) is raising its second quarter earnings guidance. The steelmaker has more than doubled its quarterly earnings outlook based on what it says are improved market conditions.
In April, Steel Dynamics reported first quarter net income of $62.7 million, more than double the net income from the same period last year. The company says profitability from its steel operations in the second quarter is expected to be almost double its first quarter results.
Steel Dynamics has not yet announced a release date for its second quarter earnings report.