Steel Dynamics Hits Record Profit

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Fort Wayne-based Steel Dynamics Inc. (Nasdaq: STLD) is reporting record third quarter net income of $398 million, up from $153 million during the same period last year. Chief Executive Officer Mark Millett says the results are due to record steel shipments and improvement in the average steel selling price.

The company is also reporting record net sales of $3.2 billion for the quarter, compared to $2.4 billion during the third quarter of 2017. Millett says the company remains confident that market conditions are in place to benefit domestic steel consumption in 2019.

"Based on strong domestic steel demand fundamentals and customer optimism, we believe steel consumption will continue to be strong," said Millett. "In combination with our expansion initiatives, we believe there are firm drivers for our continued growth."

Millett adds the company is excited about the potential benefits of the recently-completed $400 million acquisition of Heartland Steel Processing in Terre Haute. He says the integration of Heartland is going well and the company is on track to achieve its goal of reaching an annual run-rate of between 800,000 and 900,000 tons by mid-year 2019.

You can view the full third quarter earnings report by clicking here.