Carbon Steel Industry

Carbon steel scrap accounted for 2,306,000 tonnes, down by 7.2% YoY, alloy steel scrap 102,000 tonnes, down by 3.3% YoY and pig iron scrap 40,000 tonnes, down by 28.0% YoY.

Of home arisings in April 2011, carbon steel scrap accounted for 768,000 tonnes, down by 3.1% YoY; alloy steel scrap 122,000 tonnes, up by 10.5% YoY and pig iron scrap 32,000 tonnes, up by 24.1% YoY.

For the quarter ended March 2011 it exceeded analysts' consensus estimate by margin of 12.20 percent. The company operates in three segments: steel operations, metals recycling and ferrous resources operations, and steel fabrication operations.Net income rose 63 percent to $106 million, from $64 million in the first quarter FY 2010.Earnings were $0.46 per diluted share, up from $0.29 per diluted share in the comparable quarter last year.

Analysts Forecast

For the second quarter, analysts' EPS estimates range from a low of $0.38 to a high of $0.60 per share, compared with a consensus estimate of $0.22 per share to $0.45 per share in the year ago quarter.