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00:02Steel Dynamics' share surged Tuesday after the company issued a strong third-quarter guidance, according to Benzinga.
00:07The company expects third-quarter earnings of $2.60, $2.64 per share,
00:12topping estimates in improving from $2.05 a year ago and $2.01 last quarter.
00:17Outlook reflects stronger profitability from steel operations,
00:20driven by higher shipments and improved metal spreads.
00:23The scrap costs expect to decline more than steel pricing.
00:25Metal's recycling earnings are also forecast to improve, supported by steady shipments and stronger, various spreads.
00:32Commercial, data center, manufacturing, warehouse, and healthcare projects are fueling higher fabrication volumes,
00:38strong pricing, and a solid backlog that supports better margins.
00:42The company repurchased $185 million in stock during the quarter, underscoring confidence in its outlook.
00:47Steel Dynamics will release full results on October 20th.
00:50Shares were up 6.15% at Tuesday's close, according to Benzinga Pro.
00:54For all things money, visit Benzinga.com.
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