Steel Dynamics Inc. (STLD) announced that its board of directors has declared a quarterly cash dividend of $0.10 per common share, an increase of 33% 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.
“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 nation’s economic improvement.”
Steel Dynamics also said it expects first quarter earnings per diluted share to be in the range of $0.37 to $0.42 vs consensus $0.39, significantly higher than Q4’10 earnings per diluted share of $0.04 and also improved from earnings of $0.29 achieved in Q1’10.
STLD gained 57 cents, or 2.13%, to $18.70 in extended trading.