Traders expect additional upside in Steel Dynamics
Traders are betting Tuesday that Steel Dynamics, Inc. (STLD) will continue to build on recent gains following the company’s better than expected fourth-quarter earnings report this morning despite the company missing slightly on the top line. STLD posted adjusted earnings of $1.31 per share on revenue of $2.9 billion. Analysts forecast earnings of $1.25 per share and sales of $2.92 billion for the quarter. So far, 610 contracts of the March 36 call have changed hands, against open interest of 39 contracts.
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About Steel Dynamics Inc.
Steel Dynamics operates scrap-based steel minimills with 12.4 million tons of annual steel production capacity. The company manufactures steel products that primarily serve the construction, automotive, and machinery end markets. It also processes and sells recycled ferrous and nonferrous metals and operates a steel fabrication business that manufactures products for the nonresidential construction industry.