Steel Dynamics (STLD): Share price defines bullish 'flag'

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Steel Dynamics (STLD): Share price defines bullish 'flag'
Jun 18, 2008 11:15 AM UTC

Larry Schutts

Return	Risk
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Symbol	Sentiment	Start	Return	Closed
NUE	n/a
STLD		06/18/08	-55.66%	--
X	n/a

Via BloggingStocks:

Filed under: Good news, U.S. Steel (X), Nucor Corp (NUE), Technical Analysis, Stocks to Buy

Steel Dynamics (NASDAQ: STLD) is the fifth largest producer of carbon steel products in the United States. The firm operates five mid-western electric-furnace mini-mills, producing merchant bars, engineered bar products, wide-flange beams, rails, and flat-rolled steels. It also runs six fabrication facilities, making joists, girders, and decking for non-residential construction projects. Steel scrap is processed at 42 locations in the eastern U.S. and Canada. Nucor (NYSE: NUE) and U. S. Steel (NYSE: X) are major competitors.

The company raised its second quarter outlook last week, citing "stronger than anticipated shipping volume and selling values for flat-rolled steel products and stronger volume and margins in recycling." Management predicted Q2 EPS of 90-95 cents (80-90 cent prior estimate, 89 cent Street consensus).

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