This has been a tough year for steel companies. Squeezed between rising costs and iffy demand, the sector has largely been treading water. With better than expected results for the second quarter, maybe the turn is at hand for Steel Dynamics (Nasdaq:STLD). Then again, considering a glut of sheet steel and the company's spot pricing exposure, the Street may be slow to fully climb on board this name.
A Better Quarter ... Sort of
There are two ways to think about Steel Dynamics' quarter - it was much worse than initially expected, but at least better than the company's pre-announced guidance. Revenue rose more than 27% this quarter, with tons shipped rising 15% and all steel products up a little more than 14%. Shipments were especially strong in categories like structural, rail and steel bar.
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Will The Street Believe In Steel Dynamics? (STLD, MT, NUE, CMC, GGB, ATI, BTU)
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