The Street reported that shares of Steel Dynamics rose despite fourth quarter earnings guidance below analysts' estimates. The Fort Wayne based steel manufacturer said it expects earnings of 8 cents to 12 cents a share. In the third quarter, the company earned 19 cents a share. Analysts forecast fourth quarter profit of 18 cents a share.

Steel Dynamics, in a press statement, estimated a 25% drop in fourth quarter flat rolled earnings and a USD 10 million reduction in earnings from its liquid iron production plant because of a scheduled three week shutdown.

Morgan Stanley said in a recent it expected Steel Dynamics and competitor Nucor to issue weaker than expected fourth quarter forecasts.

Nucor said its fourth quarter earnings would come in below analysts' estimates. The steel manufacturer anticipates earnings of between 22 cents and 27 cents a share. Nucor earned 57 cents a share in the third quarter. Analysts are predicting fourth quarter profit of 39 cents a share.

Nucor said the decline in fourth quarter profitability is attributable to lower steel prices and increased pricing pressure, among other things.

(Sourced from www.thestreet.com)