Steel Dynamics Profit Jumps, Hits Record Sales
The company has 7
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowFort Wayne-based Steel Dynamics Inc. (Nasdaq: STLD) is reporting full-year net income of $806 million, up from $360 million the previous year. Chief Executive Officer Mark Millett says the company’s "exceptional" performance included record steel and fabrication shipments, creating a firm foundation for continued growth.
Steel Dynamics says net sales for the full year also jumped from $7.8 billion in 2016 to a record $9.5 billion in 2017. Millett adds the company is confident that market conditions will benefit steel consumption in 2018.
"Domestic steel inventory levels have moderated," said Millett. "World steel demand and pricing have structurally improved and domestic steel demand remains healthy. We believe North American automotive steel consumption will be steady, and we continue to gain momentum in that sector. We also believe that there will be continued additional growth in the construction and energy sectors. We believe the recent tax reform will also provide a stimulus for additional domestic fixed asset investment and growth. In combination with our own SDI expansion initiatives, we believe there are firm drivers for growth in 2018."
The company is also reporting fourth quarter net income of $305 million, up from $3.8 million during the same quarter in 2016.
Millett says the company awarded non-executive employees a special cash performance bonus, totaling $7 million, in recognition of the year-end results. You can connect to the full earnings report by clicking here.