SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): March 11, 2011 (March 10, 2011)
STEEL DYNAMICS, INC.
(Exact name of registrant as specified in its charter)
Indiana |
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0-21719 |
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35-1929476 |
(State or other jurisdiction |
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(Commission File Number) |
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(IRS Employer |
of incorporation) |
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Identification No.) |
7575 West Jefferson Blvd, Fort Wayne, Indiana 46804
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code: 260-969-3500
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events.
On March 10, 2011, Steel Dynamics, Inc. issued a press release titled Steel Dynamics Announces Quarterly Cash Dividend and Provides First Quarter Earnings Guidance. The full text of the press release is furnished herewith and attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
The following exhibit is furnished with this report:
Exhibit Number |
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Description |
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99.1 |
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A press release dated March 10, 2011, titled Steel Dynamics Announces Quarterly Cash Dividend and Provides First Quarter Earnings Guidance. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereto duly authorized.
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STEEL DYNAMICS, INC. |
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/s/Theresa E. Wagler |
Date: March 11, 2011 |
By: |
Theresa E. Wagler |
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Title: |
Chief Financial Officer |
Exhibit 99.1
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7575 West Jefferson Boulevard | |
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Fort Wayne, IN 46804-4131 |
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260.459.3553 Phone |
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260.969.3590 Fax |
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www.steeldynamics.com |
Steel Dynamics Announces Quarterly Cash Dividend and Provides
First Quarter Earnings Guidance
FORT WAYNE, INDIANA, March 10, 2011 Today Steel Dynamics, Inc. (NASDAQ / GS: STLD) announced that its board of directors has declared a quarterly cash dividend of $0.10 per common share, an increase of 33 percent from the 2010 fourth quarter dividend. The dividend is payable on or about April 14, 2011, to shareholders of record at the close of business on March 31, 2011.
The company also expects first quarter earnings per diluted share to be in the range of $0.37 to $0.42, significantly higher than fourth quarter 2010 earnings per diluted share of $0.04 and also improved from earnings of $0.29 achieved in the first quarter 2010. In recent months the company has experienced increased volumes and margins in all of its operations, although to a much smaller extent at its Structural and Rail Division and fabrication operations, which are more directly impacted by the commercial construction markets. The demand for sheet and special bar quality steels remains robust and the increase in steel utilization rates continues to strengthen demand for recycled ferrous materials.
We are pleased that our board of directors returned our quarterly cash dividend to the pre-recessionary level of $0.10 per share, stated Keith E. Busse, Chairman and Chief Executive Officer. We are encouraged by the current levels of general demand we are seeing, including some moderate increases in activity at our Structural and Rail Division as rail continues to be an area of focus, and we remain optimistic concerning the nations economic improvement.
Forward Looking Statements
This press release contains some predictive statements about future events, including statements related to conditions in the steel and metallic scrap markets, Steel Dynamics revenue, costs of purchased materials, future profitability and earnings, and the operation of new or existing facilities. These statements are intended to be made as forward-looking, subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. Such predictive statements are not guarantees of future performance, and actual results could differ materially from our current expectations.
Factors that could cause such predictive statements to turn out other than as anticipated or predicted include, among others: the effects of prolonged or deepening recession on industrial demand; general or specific sector (i.e., automotive, consumer appliance or construction) economic conditions affecting steel consumption; the impact of price competition, whether domestic or the result of foreign imports; difficulties in integrating acquired businesses; risks and uncertainties involving new products or new technologies; changes in the availability or cost of steel scrap or substitute materials; increases in energy costs; occurrence of unanticipated equipment failures and plant outages; labor unrest; and the effect of the elements on production or consumption.
More specifically, we refer you to SDIs detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K, in our quarterly reports on Form 10-Q or in other reports which we from time to time file with the Securities and Exchange Commission, available publicly on the SEC Web site, www.sec.gov, and on the Steel Dynamics Web site, www.steeldynamics.com
Forward-looking or predictive statements we make are based upon information and assumptions, concerning our businesses and the environments in which they operate, which we consider reasonable as of the date on which these statements are made. Due to the foregoing risks and uncertainties however, as well as, matters beyond our control which can affect forward-looking statements, you are cautioned not to place undue reliance on these predictive statements, which speak only as of the date of this press release. We undertake no duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Contact: Fred Warner, Investor Relations Manager / (260) 969-3564 or fax (260) 969-3590 f.warner@steeldynamics.com