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Steel Dynamics Makes a Move: Up 2.5%

Published on Wed, 02/06/2013 - 11:18
By Peter Chu

Steel Dynamics (NASDAQ:STLD), a company whose shares are moving quickly, is trading 2.5% higher to $15.58. The S&P is trading fractionally lower to 1,509 and the Dow is trading 0.2% lower to 13,945.

Steel Dynamics, Inc. owns and operates a flat-rolled steel mini-mill, as well as a cold mill. The Company is also constructing a plant for the manufacture of direct reduced iron. Steel Dynamics's customers include intermediate steel processors, steel service centers, and end users such as manufacturers of cold-rolled strip.

In the past 52 weeks, Steel Dynamics share prices have been bracketed by a low of $10.11 and a high of $16.48 and are now at $15.58, 54% above that low price. The 200-day and 50-day moving averages have moved 0.17% higher and 1.12% higher over the past week, respectively.

Steel Dynamics has overhead space with shares priced $15.58, or 7.1% below the average consensus analyst price target of $16.77. The stock should discover initial support at its 50-day moving average (MA) of $14.06 and subsequent support at its 200-day MA of $12.62.

By Peter Chu