Fort Wayne-based Steel Dynamics Inc. (Nasdaq: STLD) is reporting second quarter net income of $154 million, up from $142 million during the same period the previous year. Chief Executive Officer Mark Millett says the company is optimistic that market conditions will benefit domestic steel consumption in a variety of sectors.
Steel Dynamics is also reporting net sales of $2.4 billion for the second quarter, up from $2 billion in the same quarter in 2016.
"The team delivered a solid performance for the second quarter 2017 despite hesitant customer order entry and significantly higher quarter-over-quarter steel imports," Millett said in a news release. "We believe the customer order hesitancy was related to anticipated scrap price changes rather than any underlying softness in demand. Additionally, customer inventory levels continued to be positioned at historically low levels. Steel demand from the automotive sector remained steady, as the construction and energy sectors continued to improve."
Millett says, through the company’s strong cash flow generation and execution of its long-term strategy, Steel Dynamics is "well-positioned for growth." You can view the company’s full earnings report by clicking here.