Steel Dynamics (STLD) shares soared to a record high after the steel maker reported much better-than-expected guidance on booming demand.

The company predicts current quarter earnings per share (EPS) of $3.51 to $3.55, while analysts were looking for $3.32. Steel Dynamics said it anticipates profitability from its steel operations to be "meaningfully stronger" than fourth quarter results.

While the company will give more details in its first quarter financial report on April 23, it pointed to increased shipments and earnings driven by the company's flat-rolled steel operations as fueling growth. The company also said earnings from its metals recycling business will be higher, and that its automotive, non-residential construction, energy, and industrial sectors “continue to lead demand,”

Based on its “continued confidence in its earnings outlook and cash flow generation,” it had repurchased $279 million, or 1.4%, of its stock in the first quarter through March 11, the company said. 

Shares of Steel Dynamics have added more than a third of their value in the past year.