Fort Wayne-based Steel Dynamics Inc. (Nasdaq: STLD) is reporting record second quarter net income of $1.2 billion, compared to $712 million during the same period last year. Chief Executive Officer Mark Millett says despite softening hot roll coil steel pricing, the company saw record quarterly steel shipments of 3.1 million tons based on demand from the automotive, construction, and industrial sectors.
The company says operating income from its metals recycling operations increased to $58 million, compared to first quarter results of $48 million, based on strong demand supporting increased pricing and related metal spread.
“The teams achieved strong operating and financial results across all of our operating platforms,” said Millett. “Second quarter operating income from our steel and metals recycling operations remained very strong at $1.1 billion and $58 million, respectively. Our steel fabrication operations again achieved record results, with earnings of $599 million, based on significantly higher realized selling values and a continued strong construction demand environment. Steel joist and deck pricing and order activity continues to be robust, supporting our continued near-record order backlog with higher forward pricing.”
Earlier this month, the company announced plans to invest $2.2 billion to build a recycled aluminum flat rolled mill, as well as two supporting satellite recycled aluminum slab centers.
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