Analysts believe Fort Wayne-based Steel Dynamics, the sixth-largest steelmaker in the U.S., will beat Wall Street estimates for the third quarter due to cost cuts and a pick up in demand from the cash-for-clunkers program.

North American steelmakers restarted many of their idled mills as they saw a spike in demand after more than 700,000 cars were sold in the cash-for-clunkers program, prompting automakers to boost 2009 production after a long period of inventory cuts, Reuters reports.

Steel Dynamics raised its third-quarter earnings forecast last month, citing continued strength in orders for flat-rolled steel and stronger volumes in metal recycling.

It now expects earnings of 20 cents to 25 cents a share, while the market is looking for a profit of 23 cents a share, according to Thomson Reuters. Earnings will be released today after market.

Steel Dynamics is a fast-growing mini-mill steelmaker and metals recycler and ranked No. 318 on the Fortune 500. Net sales for 2008 were $8.1 billion, generating net income of $463 million.

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Steel Dynamics’ employment was 6,650 at the end of 2008.BusinessBUSINESSBIZTOPSTORIES,business,pmupdate,topsections,topstories