Steel Dynamics (STLD) : The traders have covered their outstanding shorts in Steel Dynamics (STLD) to the tune of -877,339 shares, a change of -7%. As on Jul 29, 2016, the outstanding shorts on the stock were 12,590,364 shares, however, by August 15, 2016, the shorts had reduced to 11,713,025 shares. The covering shows that the traders dont believe that a large downside exists in the stock from current levels. The open short positions equal 5% of the free float of the stock. It takes 5 days to cover the outstanding short positions. The stock has an average daily volume of 2,304,544 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Steel Dynamics (NASDAQ:STLD): The stock opened at $25.22 on Wednesday but the bulls could not build on the opening and the stock topped out at $25.22 for the day. The stock traded down to $24.41 during the day, due to lack of any buying support eventually closed down at $24.68 with a loss of -2.49% for the day. The stock had closed at $25.31 on the previous day. The total traded volume was 2,232,195 shares.
In a related news, The Securities and Exchange Commission has divulged that Kolb Jurgen Dr, director of Steel Dynamics Inc, had unloaded 17,900 shares at an average price of $26.85 in a transaction dated on July 25, 2016. The total value of the transaction was worth $480,615.
Steel Dynamics, Inc. (SDI) is a steel producing and a metal recycling company. The Company operates in three segments: steel operations, metals recycling and ferrous resources operations, and steel fabrication operations. The Company offers hot roll, cold roll, galvanized, galvanneal, Galvalume, Galfan, and painted sheet steel; a range of structural steel beams and rails; engineered steel of various sizes and chemistries; and various merchant-bar products, rounds, angles, flats and channels. The Company also offers steel finishing and fabrication services. In the metals recycling operations of its metals recycling and ferrous resources segment, its products include an array of both ferrous and non-ferrous scrap processing, scrap management, transportation, and brokerage products and services. Its steel fabrication segment produces steel joists and steel decking materials.