Steel Dynamics (STLD) Stock Gains after Record Q3 Results

Steel Dynamics (NASDAQ: STLD) shares gained 1.7% after-hours Monday after the reported its Q3 results, with EPS coming in at $4.96, beating the consensus estimate of $4.57. Quarterly revenue was a record $5.1 billion (vs. $2.3 billion in Q3/20), better than the consensus estimate of $4.98 billion.

According to Mark D. Millett, Chairman and CEO of the company, current market conditions are in place to support solid domestic steel demand for Q4 and into 2022, expecting another record performance in Q4.

Millett said that the actual steel production from Sinton Texas EAF Flat Roll Steel Mill, which represents transformational competitively-advantaged strategic growth, is planned to start before the end of 2021. The company estimates a through-cycle annual EBITDA for Sinton Texas Flat Roll Steel Mill (once fully operational with access to four value-added coating lines) to range from $475 million to $525 million.

During the quarter the company made share repurchases of $338 million of the company's common stock, which represents 3 percent of its total outstanding shares.

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