Why Steel Dynamics Stock Rose 22% in March
Shares of steelmaker Steel Dynamics (NASDAQ: STLD) gained an impressive 22% in March, according to data from S&P Global Market Intelligence. It wasn't an isolated advance, however, as all of the major U.S. steel companies' stocks rose materially during the month. There were company-specific and industrywide catalysts here.
On March 17, Steel Dynamics provided an update on its first-quarter 2021 expectations. The company earned an adjusted $0.97 per share in the final quarter of 2020, but expects to see adjusted earnings come in between $1.94 and $1.98 in the just-ended quarter. In the year-ago period it earned $0.88 per share. So the upcoming quarterly earnings release is likely to be very good reading, which is something investors were obviously pleased to hear.
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Source Fool.com
