Why Steel Dynamics Stock Rocketed 21% in February
Shares of U.S. steelmaker Steel Dynamics (NASDAQ: STLD) rose an impressive 21% in February, according to data from S&P Global Market Intelligence. It reported earnings on Jan. 25, with the stock dipping for a couple days before it started to head notably higher. Here's what you need to understand about this price action.
When all was said and done, 2020 was a pretty good one for Steel Dynamics' business, with its 10.7 million tons of steel shipments near record levels. Revenue came in at $9.6 billion and its net income per share of $2.59 ranked as its fourth best on record. In addition, Steel Dynamics commenced operations at a new metallic coating line and had record fabrication shipments, which are basically all of the value-added products the company sells. It ended the year with $2.5 billion in liquidity and is expecting another capital investment project to come online in mid-2021.
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Source Fool.com
